NASHVILLE, Tenn. — The Metro Fair Board has voted to terminate its contract with Fairgrounds Speedway Nashville operators Tony and Claire Formosa.
The news was first reported by Fox 17 Nashville.
Board members voted to terminate the contract as the result of a breach of contract. The Formosas, who own Formosa Productions and have operated the track since 2010, have 90 days to vacate the property and take any equipment that they own with them.
In April the Tennessean reported that Formosa Productions had breached its contract with the city, citing late rent payments and failure to pay the Metro Fair Board a commission from the previous season.
At the time, Nashville Fairgrounds Director Laura Womack said Formosa Productions owed more than $30,000 in concessions commissions. In addition, they had violated track rental curfew and failed to pay rent on time.
In 2017, Speedway Motorsports Inc., operated by O. Bruton Smith and his family, made an offer to take over the speedway. However, city officials opted to offer the contract to Formosa Productions.
Since then, Formosa Productions formed an alliance with Bristol (Tenn.) Motor Speedway in an effort to bring NASCAR events to the Nashville track. It is unknown how the termination of the contract will affect the agreement between the two parties.
The last event held at Fairgrounds Speedway Nashville under the eye of Formosa Productions was the All American 400, held Nov. 3 and won by Mason Mingus.