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Cooper touts NASCAR’s potential return to Nashville





Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

Nashville seems to be well on the road to bringing NASCAR racing back to town, as Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway.

Under the agreement, announced Tuesday, Bristol Motor Speedway would lease, manage and operate the city-owned property for a 30-year term, while Metro finances a full renovation of the speedway by issuing bonds.

Cooper said the proposal “creates an economically viable future for our historic track.”

The agreement follows a letter-of-intent Cooper signed in March with Bristol Motor Speedway to revitalize the 117-year-old Nashville Fairgrounds Speedway and bring NASCAR Cup Series racing back to Nashville. Bristol Motor Speedway is a wholly owned subsidiary of Speedway Motorsports, which owns and operates eight sports entertainment venues across the country.

“This innovative partnership will bring our historic speedway back to life as a crown jewel in the world of motor sports,” Cooper said. “Having professional soccer and NASCAR side by side will make our fairgrounds a family destination for Nashville’s future.”

Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

The agreement lays the foundation for a future contract, but it’s far from a done deal. Any future contract would have to be approved by the Metro Council and the Board of Fair Commissioners before taking effect.

What’s in the proposal

Nashville’s Metro Charter requires auto racing at the speedway — the second-oldest operating speedway in the United States — so the government is obligated to maintain the facility.

In March, the Mayor’s office expressed Cooper’s intention to “bring back high-level racing at no cost to taxpayers,” and also to generate revenue “from what is now a money-losing operation.”

Under the proposal, the Metro Sports Authority would issue no more than $50 million in 30-year revenue bonds to finance a full renovation of the speedway. Bristol Motor Speedway would lease and operate the Nashville Fairgrounds Speedway for a 30-year term, and install sound mitigation elements to reduce sound impact to the surrounding neighborhoods. The proposal also limits race and practice dates to reduce disturbances to the surrounding community.

Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

Mayor John Cooper has agreed in principle to a proposal by Bristol Motor Speedway to renovate the historic Nashville Fairgrounds Speedway and bring NASCAR events back to town. The proposal must be approved by the Metro Board of Fair Commissioners and the Metro Council before it could take effect.Courtesy / Mayor John Cooper

When complete, the rebuilt speedway grandstand would seat about 30,000 fans. A modernized track would meet NASCAR series standards.

“In addition to bringing major NASCAR series races back to the historic facility, we’ll create a calendar for local racing and special events that generates a positive economic impact for the region,” said Marcus Smith, president and CEO of Speedway Motorsports.

According to the Mayor’s office, the speedway renovation would come “at no cost to the Metro general fund,” as it would be paid for by revenue from rent payments, fees and taxes paid by patrons, sponsorship agreements, and event revenue.

In addition to racing, the venue would facilitate concerts and entertainment events. NASCAR series and other non-motorsports events held at the renovated speedway could generate about $100 million annually in economic activity in Nashville, including visitor spending at hotels, restaurants and attractions, according to Tourism Economics.

Preserving the speedway

Historic preservation is a priority of the plan, according to the Mayor’s office. Nashville Fairgrounds Speedway originally opened in 1904, and is the second-oldest operating motor speedway in the United States. It hosted an annual NASCAR Cup Series event from 1958-1984.

“I still remember the first time I came to the fairgrounds to race. I fell in love with the place after the first lap,” said Dale Earnhardt Jr. “Nashville Fairgrounds is a historic and iconic venue, and Bristol Motor Speedway is the very best partner to continue that storied history. I’m looking forward to witnessing the next chapter in the life of this historic landmark.”

What happens next?

After the Mayor’s announcement Tuesday, several Metro Council members questioned whether any progress had been made since Cooper’s letter-of-intent in March.

“Not sure how today’s ‘agreement in principle’ is different from the March ‘letter of intent’ — both mean ‘we’re not there yet,’” Council Member At Large Bob Mendes wrote in a tweet. “I am curious to learn more about how close they are to something firm.”

Others shared support. Council Member Zach Young indicated his willingness to sponsor future legislation authorizing the deal.

“I grew up going to the Fairgrounds Speedway with my dad on Friday nights, listening to him work as a spotter for racers like Andy Kirby and Steadman Marlin,” Young said. “It would be my honor to sponsor legislation that brings NASCAR back to Nashville and restores the track into something that our whole county can be proud of again.”

Cooper’s administration pledged not to present the plan to the Fair Board until the board’s two current vacancies are filled. Multiple candidates for the Fair Board have been voted down by the Council in recent months.

“Mayor Cooper is working with Vice Mayor Shulman to create a Fair Board that reflects the cultural diversity of both fairgrounds visitors and Davidson County overall,” a press release from the Mayor’s office reads.

According to the Mayor’s office, an independent sports finance consultant is now reviewing the proposal’s financial framework. With the consultant’s blessing, the administration will propose it to the Board of Fair Commissioners. Then, if approved, the proposal will go to the Metropolitan Sports Authority and the Metro Council for approval.

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