Members of the Nashville Board of Fair Commissioners voted Tuesday morning to terminate the current contract with the Fairgrounds Speedway Nashville and its promoters, Formosa Productions. According to Fox 17 Nashville, board members voted unanimously to cut ties with the father-daughter team of Claire and Tony Formosa, citing a breach of contract.
According to the report, the Formosas now have 90 days (February 12, 2020) to vacate the property, which includes removing equipment and moving out of their offices located on the fairgrounds property. The Formosas have been promoting stock car racing at the historic race track since 2010.
The decision to terminate the contract comes less than two weeks after the Formosa family promoted the 35th All American 400, one of the crown jewels of Super Late Model racing.
Prior to the All American 400, it was documented during a board meeting that that the Formosa family was struggling to pay their bills due to weather-related circumstances in recent years, including the cancelation of the 34th All American 400. That event, originally scheduled for November 2018, was postponed until April 2019 when NASCAR Cup Series star Kyle Busch was set to compete in the race. However, weather once again interfered and resulted in a complete cancelation of the event.
During a board meeting on October 7, board members voted to give the Formosas an extension until December 31 to pay their debts to the city.
According to a story published by News Channel 5 in Nashville, the Formosas currently owe the city $120,500 in back rent and more than $30,000 in concession fees dating back to the 2018 season.
In that same story, J. Holly McCall, a spokesperson for the Fairgrounds, indicated that the Fairgrounds is “committed to giving racers the robust season they deserve and want” moving forward. McCall also indicated that talks will begin with potential speedway promoters soon.
Speed51 will have more on this story as it becomes available.
-Story by: Brandon Paul, Speed51 Content Manager – Twitter: @Brandon_Paul51
-Photo credit: Speed51Photos.com