The Tennessee State Fair has signed a lease agreement with Fairgrounds Speedway USA, owned by former NASCAR drivers Bobby Hamilton Jr. and Chad Chaffin, to operate the Fairgrounds Speedway for 2011 and 2012, the Metropolitan Board of Fair Commissioners announced Wednesday.
The winning bid was for $8,001 per race, with a minimum guarantee of $53,100 for the entire season.
The lone competing bid was submitted by racing promoter Tony Formosa, the facility’s most recent racetrack operator.
The terms of the lease, which the fair board approved on April 5, provides for up to seven race events per year, two of which must be held on Flea Market weekends, and one of which must be held during the Tennessee State Fair.
The lease also allows for at least two day races, which must end by 7 p.m., and up to five night events, which must conclude by 10:30 p.m., with the exception of the All American 400 in October. The lease requires all motor vehicles on the racetrack to have properly operating mufflers.
The lease agreement reflects a compromise between the residents of south Nashville neighborhoods near the racetrack and local racing advocates. A Fairgrounds Neighborhood Advisory Committee, made up of two representatives appointed by the fair board and one appointed by the fairgrounds-area district Metro Council member, will be created to meet monthly with Fairgrounds Speedway USA during the May-October racing season. That committee will be named at a later date, the board said.