NASCAR’s return to the Nashville Fairgrounds is one particular action nearer to turning into a truth just after Nashville Mayor John Cooper and Bristol Motor Speedway officers signed a letter of intent Friday to renovate the Fairgrounds Speedway.

The letter of intent, which states that BMS would be accountable for taking care of and working the Fairgrounds Speedway under a new, extended-phrase lease and presume economic accountability for all track renovations and upkeep, is issue to approval by the Board of Good Commissioners and Metropolitan Council.

According to a press launch from the Mayor’s place of work, the renovation of the Speedway will be funded through multiple earnings streams which includes user costs and taxes paid out by patrons of the venue, lease payments and a likely naming rights deal. As section of the settlement, Metro would situation $50 million in bonds for possible renovations to the monitor, which has previously been incorporated in the Capital Improvements Spending budget.

“The objective of the partnership is to deliver our historic racetrack back to daily life as a useful and exciting component of the Fairgrounds,” Cooper reported in a push launch. “We have an obligation to sustain the track, so it is wise for Nashville to interact a powerful, lengthy-term associate from the auto racing market to operate it properly.

“The small business phrases in this LOI safeguard Nashville, with various revenue streams to make this a money achievements. We can set this landmark back on the national phase. I glance ahead to functioning with the Good Board and the Metro Council in the months in advance.”

The transfer will come just two months right after Cooper declared he was in talks with BMS to carry NASCAR back to the Fairgrounds as early as 2022. He has very long advocated for a shared house between the Fairgrounds and Nashville SC’s stadium getting developed upcoming door.

Cooper even held up NSC’s stadium deal early very last 12 months just after insisting that the club rework aspect of its design program to relieve targeted traffic stream with the speedway and build a  multi-use leisure web site.

As portion of the new lease settlement, BMS would pay out Metro a part of revenue generated from occasions every year and would lease all house at the Fairgrounds for $1 million four months of the calendar year to host big car racing events. That does not incorporate the Nashville SC stadium getting built next doorway.

Presently, the Fairgrounds Speedway has been shedding income, but the new offer with BMS is created to turn the place into a money-creating operation — not just from NASCAR races but from concerts and other leisure avenues.

Protection upgrades, a probable new grandstand and new supplementary facilities for equally racing and non-racing ordeals are envisioned to be element of the renovation costs. All renovations will fulfill NASCAR security and style specifications needed to host nationwide occasions.

“We can perform collectively to renovate Nashville Fairgrounds Speedway into an wonderful multipurpose enjoyment place,” Speedway Motorsports President and CEO Marcus Smith reported. “We’re ready to roll up our sleeves and go to function to absolutely restore the speedway, recruit countrywide functions and breathe new life into a venue that has a legendary position in automobile racing background.”

Adhere to Michael Gallagher on Twitter @MGsports_