Nashville Mayor John Cooper has agreed to renovate Nashville Fairgrounds Speedway in a proposal by Bristol Motor Speedway that would bring NASCAR back to the track after a 20-year hiatus.
“The partnership will result in a modernized track that meets NASCAR series standards and transform Fairgrounds Speedway into a true multipurpose venue,” Cooper said.
The proposal still requires approval by Nashville’s Metro Sports Authority, Board of Fair Commissioners, and Metro Council to be finalized.
- Bristol Motor Speedway would operate, manage, and lease Nashville Fairgrounds Speedway for 30 years.
- Nashville would issue about $75 million in revenue bonds for the renovations, up from a previous target of $50 million in March.
- The proposal comes amid current renovations of Nashville Fairgrounds, which is also the site of an under-construction stadium for MLS’ Nashville SC.
- The renovated speedway will mitigate noise and expand its grandstand to seat approximately 30,000 fans, essentially doubling capacity.
NASAR went from a public to private company in 2019 after buying the balance of International Speedway Corporation for roughly $2 billion in a deal that included iconic Daytona International Speedway and Talladega Superspeedway.
Its circuit of tracks lost between $150 million and $175 million in combined ticket revenue for the 2020 season due to limited fan attendance during the pandemic.
Cooper projects the revitalized speedway will bring in $100 million annually to Nashville’s economy.