Just a day after word arose that Speedway Motorsports Inc. was pursuing Fairgrounds Speedway Nashville (TN), current track promoters have issued a statement that they have received a long-term agreement to operate the legendary racetrack.
Tony Formosa has promoted events at the racetrack outside of Nashville, TN since 2010, all on one-year contracts. Now his staff says they have a multi-year agreement that will allow Formosa and his team to do necessary improvements to the racing facility located on the Fairgrounds property.
“It may be rainy outside, but what I see is sunshine,” said Tony Formosa in a published release. “Now that we have more than a one-year deal, people can see what we can do. This is great day for short track racing in Middle Tennessee. My attorney, Jamie Hollin, deserves a lot of credit. He worked tirelessly on this deal. I can’t put into words how much I appreciate my two biggest supporters, Bill Freeman of Freeman & Webb Company and Scott Borchetta of Big Machine Records."
Speed51.com has read the letter from the Metropolitan Government of Nashville and Davidson County. In it, government officials state the intent to award Formosa the right to operate the Fairgrounds Speedway, "contingent upon approval of the Fair Commissioners Board and successful negotiations of contract."
Speedway officials indicate to Speed51.com that the long-term contract will be for five years.
Published reports indicated that SMI, which operates Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway and several other tracks on the NASCAR circuit, was pursuing the racing facility. Speed51.com knows that at least one other group was vying for the facility as well.
The Fairgrounds Speedway Nashville, with Formosa at the helm, is currently preparing for the 33rd All-American 400, one of the most traditional short track races in the country, on September 30 and October 1 at the facility. Several announcement regarding the race and its 2018 season are expected in the coming weeks.
“It’s unbelievable; I have dreamed of this day for a very long time,” said Claire Formosa, Vice President of her father's company that operated the racetrack. "It’s been a long and hard road to get to this point, but I am excited to see all of our future plans come to life. We have a huge support system behind us and have had an amazing team throughout this process. I cannot wait for everyone to see everything we have planned for the future."
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Story By: Bob Dillner, Executive Editor, Speed51.com - Twitter: @bobdillner
Photo Credit: Speed51.com