A late bid by Bristol Motor Speedway to operate Fairgrounds Speedway was rejected Thursday by the Metropolitan Government of Nashville (Tennessee) and Davidson County.
An intent to award the bid to Tony Formosa to continue running the track was issued Thursday. The Tennessean reported that the city would offer Formosa a 5-year contract.
The Metropolitan Government of Nashville and Davidson County released its reasoning Friday based off an evaluation on the four bids. Bristol Motor Speedway’s bid ranked third.
In the comments for the Bristol bid, the government report stated: “The proposal relies on Metro capital funding commitment for improvements with no financial contribution from the proposer (“As the facility owner, it would be desired that Metro would fully fund the renovation capital costs”); shared revenue would be Metro’s share of sales tax only with no lease payments or direct revenue to The Fairgrounds; 30-year lease not desirable; lacked details throughout the entire diversity plan.’’
In a statement from Bristol Motor Speedway after the bid was awarded: “Since news of Bristol Motor Speedway’s interest in Nashville Fairgrounds Speedway became public, the groundswell of local and national support for our vision to bring NASCAR back to Nashville has been humbling. We along with the entire racing community have a deep respect for the Fairgrounds Speedway history and would love to renew its tradition through NASCAR national series events as well as local races. We believe that the historic Fairgrounds racetrack can again become a premier destination that builds on the strengths and traditions of Nashville. We hope there will be future conversations with the city about how Bristol Motor Speedway is well-positioned to help accomplish these goals.”
As for the winning bid by Formosa, the government report stated: “Detailed plan evaluation criteria section was slightly less detailed and comprehensive; demonstrated a strong understanding of neighborhood impacts and the fair board operations; proposed the highest guaranteed lease payment for proposed motor sport and non-motor sport events; proposed creative non-motor sport events to activate speedway on non-race days; committed more towards revenue while providing less guarantee towards improvements; while the funding amount of $500,000 for improvements was not the highest, it did not rely on any Metro funding that may or may not be available; considerations of noise reduction.’’
The bid by Formosa was given an evaluation score of 78.25 of 100. Bristol Motor Speedway’s bid scored 50.50. A bid from Alexander Racing scored 74.50, and a bid by Alabama Track Ventures LLC scored 48.30.
The evaluation scored up to 40 points for detailed plan, 35 points for qualifications and experience, 20 points for financing proposal and five points for diversity plan. Bristol Motor Speedway scored the lowest (15 points out of 40) for its detailed plan. It also ranked last in its financing proposal (10 points of 20).