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Nashville Fairgrounds Speedway

Nashville Fair Board votes to terminate contract with operator of 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.

 

SMI executive discusses 2020 schedule, racing at Nashville

Photo by Richard W. Rodriguez/Getty Images for Texas Motor Speedway
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Marcus Smith, chief executive officer of Speedway Motorsports Inc., says many changes have been discussed for the 2020 NASCAR schedule and that he’s optimistic to have a NASCAR national series race in the future at Nashville Fairgrounds Speedway.

The 2020 season marks the final year in the five-year sanctioning agreements between NASCAR and tracks. NASCAR President Steve Phelps has said that “everything is in play” when examining the Cup schedule.

“I think there are all sorts of ideas, and you always like to think about different ideas and not be constrained by the box you’re in, think creativity,” Smith said of discussions about the 2020 Cup schedule. “The thing I think will be encouraging for race fans out there is that everybody involved wants to do something that is fantastic for racing. Wherever we end up will be something that is great for racing and NASCAR and race fans.”

Smith did not reveal any specific ideas being discussed.

Smith also is looking to bring a NASCAR national series race to Nashville Fairgrounds Speedway.

Speedway Motorsports and Formosa Productions are exploring a joint effort to bring major motorsports to the Nashville track. Formosa Productions has a multi-year contract with the Metro Nashville Board of Fair Commissioners to promote and manage the Nashville Fairgrounds Speedway. Cup last raced in Nashville in 1984.

“We’re continuing to speak to leaders in the city, to work towards the goal of being able to bring racing, NASCAR back to Nashville,” Smith said. “It’s fairly complicated, lots of people involved, lots of different parties involved. It’s a goal of ours, and I think it would be fantastic for the sport.”

Smith said that based on “construction and everything” 2021 “would probably be the soonest” the track could host a NASCAR national series event if deals can be made.

The key would be upgrading the track to NASCAR standards.

“We have a really good idea of what it would take to get it NASCAR ready,” Smith said. “There’s a wide range of what you could do. There’s a minimal level and there’s our level, so I think there’s tremendous potential for that facility. It’s a legendary facility in the world of racing, Nashville Fairgrounds Speedway, and it also serves as the location for the state fair, for regular community activities. My vision would be something that would serve all those purposes for the next 50 years.”

During the Nashville Board of Fair Commissioners meeting earlier this month, Councilman Robert Swope told the Board: “Since Nashville lost its Cup races in 1984, this is the first opportunity for a major vision for the future of our track. I encourage the Fair Board, Mayor (David) Briley and all stakeholders to seize this opportunity.”