<p>NASHVILLE, Tenn. — The Nashville Fairgrounds Speedway would be renovated and run by Bristol Motor Speedway in a deal designed to bring NASCAR racing back to the historic short track that first opened in 1904. </p>
<p>Nashville Mayor John Cooper signed a letter of intent Friday along with Marcus Smith, president and CEO of Speedway Motorsports President, which owns Bristol Motor Speedway, for a track that hasn’t hosted NASCAR’s top level of racing since 1984. </p>
<p>“The goal of the partnership is to bring our historic racetrack back to life as a valuable and exciting part of the Fairgrounds,” said Mayor John Cooper.</p>
<p>Nashville will fund renovations for the track by issuing bonds up to $50 million. Bristol would be responsible for future renovations and upkeep and must sign a long-term contract to lease and manage the track, which must be approved by both the local fair board and Nashville council. </p>
<p>Bristol also would lease all the fairgrounds property for four weeks a year for $1 million to host major racing events. The company would be responsible for managing renovations to both the half-mile oval track and facility, which is adjacent to the soccer-only stadium being built for Nashville’s MLS team. </p>
<p>“The dream of Nascar returning to the historic Nashville Fairgrounds is another step closer to reality,” Dale Earnhardt Jr. <a href="https://twitter.com/DaleJr/status/1367895425903177733">wrote on social media</a>. </p>
<p>The Nashville Superspeedway, a 1.33-mile, D-shaped oval about 30 miles east, is owned by Dover Motorsports, Inc. That track will host its <a href="https://apnews.com/article/d758d93d800d4ff7c8479b2ae4544f94">first NASCAR Cup Series race on June 20</a>. </p>
<p>Bristol Motor Speedway already has two NASCAR Cup Series races at the half-mile track 290 miles east of Nashville in Tennessee. </p>
<p>“We’re ready to roll up our sleeves and go to work to fully restore the speedway, recruit national events and breathe new life into a venue that has a legendary status in auto racing history," Smith said. </p>
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