UPDATE: Nashville and Bristol Motor Speedway have agreement in principle to operate Fairgrounds Speedway

Nashville Mayor John Cooper formally announced an agreement is in place with Bristol Motor Speedway to refurbish the 117-year-old Fairgrounds Speedway after a letter of intent was signed in March.

Cooper said the redesign will not impact the city’s general fund and the return of competition to the second-oldest operating speedway in the nation will complement its neighbor MLS’ Nashville SC.

Under the terms, Bristol Motor Speedway would lease the property for 30 years, install sound mitigation components, reconstruct the grandstands to seat 30,000 people, and host NASCAR and other entertainment events that would bring $100 million to the city’s economy each year.

(IMAGE: Bristol Broadcasting Company News Archives)