Nashville Fair Board votes to terminate contract with operator of Fairgrounds Speedway

Nashville Fairgrounds Speedway
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The Nashville Metro Fair Board voted Tuesday to terminate its contract with the operator of Fairgrounds Speedway, a track being eyed for a possible NASCAR race, according to The Tennessean.

Last December, Formosa Productions and Bristol Motor Speedway announced “an agreement to explore bringing major NASCAR racing events” back to the .596-mile track. The earliest Nashville could potentially be added to the schedule is 2021, though the schedule for that season is expected to be revealed in April.

Bristol Motor Speedway released a statement Tuesday night saying it is still interested in pursuing future involvement with the Fairgrounds Speedway.

“We appreciate all that Tony and Claire Formosa have done to sustain local racing in Nashville over the years,” said Jerry Caldwell, executive vice president and general manager for Bristol Motor Speedway. “Today’s news does not change our interest or belief that Nashville Fairgrounds Speedway can be returned to prominence to help create a true renovation of the Fairgrounds. There is huge local, regional and national interest in the future of the Nashville Fairgrounds Speedway. As Mayor (John) Cooper, the Fair Board and Council determine what’s next for the historic race track, we are ready to engage with them on the vision that we believe can deliver a bright future for the Fairgrounds.”

The vote to terminate the contract with Formosa Productions, operated by Tony and Claire Formosa, is in response to a claimed breach of contract, which was first raised by the city in April and includes unpaid concessions commissions and rent payments.

A fairgrounds spokesperson told The Tennessean that the Formosas would owe the city nearly $180,000 by the end of the year. The Tennessean reports the Formosas have 90 days to vacate the premises.

According to The Tennessean, Nashville Fairgrounds Director Laura Womack said she and another board member met Oct. 14 with the Formosas and asked that they provide specific contract changes and documents regarding attendance and revenue records from this year’s racing season.

A meeting where those documents were due to be delivered was rescheduled to Nov. 6 before it was canceled by the Formosas.

“This shows little to no faith that we will be paid by the end of the year,” said Fair Board member Caleb Hemmer, according to The Tennessean. “Which begs the issue that we need to start looking to the future and what we need to do as a board to ensure there’s racing next year if the (Formosas) can’t fulfill their obligations as put forth by (the contract).”

Jim Roberts, an attorney representing the Formosas, attended the meeting according to The Tennessean. Roberts believed the meeting, which was delayed two hours due to winter weather, was in violation of the opens meeting act due to it not being properly noticed.

The Formosas have operated the track since 2010 and entered into a five-year agreement in 2017 after the city chose its bid over one from Bristol Motor Speedway

The deal between Formosa Productions and Bristol Motor Speedway, which would need to be approved by the Fair Board, would focus “on a long-range plan of significant track improvements and high-profile race events that could include NASCAR events upon the facility meeting standards.”

In May, Bristol officials revealed a $60 million proposal to renovate the track.

The plan would increase seating capacity of the .596-mile short track from its current size of 15,000 to 30,000, as well as include an expanded concourse, premium seating, pedestrian tunnels and sound barriers.