Joey Garrison | The Tennessean

Mark Zaleski / For The Tennessean

Speedway Motorsports, the company that owns Bristol Motor Speedway and seven other NASCAR tracks, recently approached Metro government about returning NASCAR races to the Fairgrounds Speedway Nashville.

At the company's request, Nashville Mayor David Briley met with Marcus Smith, president and CEO of Speedway Motorsports to hear out the group's interest in bringing high-profile national racing events back to the city-owned speedway.

The informal lunch meeting, which the mayor's office downplayed as an "informational meeting," came as Briley is seeking final approval in the Metro Council for a $275 million Major League Soccer stadium on the fairgrounds property.

Also present, the mayor's office confirmed, were Briley Chief of Staff Emily Passini, the mayor's Chief Operating Officer Rich Riebeling, Smith and Jerry Caldwell, executive vice president and general manager of Bristol Motor Speedway.

During a trip to Nashville last week, Smith separately met with Tony Formosa, the fairgrounds racetrack's longtime racing promoter, who is in the first year of a new five-year contract to hold races at the speedway. The two also met last November.

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Soccer deal: Nashville council advances fairgrounds rezoning for MLS stadium

Speedway Motorsports 'excited' about impact of MLS stadium at fairgrounds

Some observers consider the return of NASCAR to the fairgrounds unlikely considering the many pieces that would need to come together, including financial resources for speedway improvements.

But in a July 26 letter to Briley that prompted the mayor's office gathering, Smith told the mayor that Speedway Motorsports has "continued to follow with interest" the city's plans to build a new 30,500-seat MLS stadium at the fairgrounds.

Under those stadium plans, the Fairgrounds Speedway is to continue operating, while the expo center and other fairgrounds facilities would be torn down and rebuilt elsewhere on the site.

Smith wrote that Speedway Motorsports is "excited to see the positive impact this move will have for the city of Nashville and for the area in and around the fairgrounds."

"We remain very interested in exploring ways that our company could work with you to bring high-profile national racing events to Nashville and restore the Nashville Fairgrounds to national prominence," he wrote.

Group lost bid last year to operate Fairgrounds Speedway

It's unclear whether Briley is interested in their pitch, however.

Briley spokeswoman Judith Byrd said the group discussed "the history of the speedway" and the background of the facility. She would not say whether the mayor is open to the idea of supporting the return of NASCAR to the fairgrounds.

Kit Luce / The Tennessean

Smith was a lead an investor in Charlotte's recent failed bid for a MLS expansion franchise, losing out to Nashville and later Cincinnati.

Speedway Motorsports also made a late bid last year for Metro's contract to operate races at the Fairgrounds Speedway, but the city instead gave Formosa, who has operated racing events at the fairgrounds since 2010, a new contract.

“We’ve had some great conversations in Nashville with people that see the same great potential we do in the Nashville Fairgrounds Speedway,” Caldwell, of Bristol Motor Speedway, said in an emailed statement. “As the city continues to grow as a tourism destination, we’d like to be a part of the right opportunity to bring NASCAR back to Nashville, building upon the current events and what is already a great historical legacy.

“We look forward to further discussions and would welcome the opportunity to create a winning relationship for all parties.”

Smith addressed the group's unsuccessful bid on the fairgrounds race track in his letter to Briley, saying they became aware of the city's request for proposals shortly before the deadline.

"As a result, we presented a broad vision for the property and expressed our desire to work toward a more detailed plan," he said. "However, we were advised that the process did not allow for that type of engagement."

Company previously sought major investment from Metro

NASCAR's top racing series left Nashville in 1984, although the fairgrounds hosted NASCAR races off and on into the 2000s.

During last year's procurement process regarding the speedway's operations, Speedway Motorsports received the second lowest score from the city among four groups, including Formosa's, that placed bids.

Speedway Motorsports was deducted because its proposal relied on substantial city capital funds for improvements for the racetrack with no financial contribution from the company. The company, which had sought a 30-year lease, also lost points for its lack of detail.

Any plan to revive NASCAR racing at the fairgrounds would likely require sizable upgrades to the speedway.

The city has overseen modest improvements in recent years, and promised more. But it's unclear whether the mayor and Metro Council would support proposing additional funding for wholesale upgrades at the speedway — particularly after the expensive MLS stadium undertaking.

Current racing promoter open to partnership

Formosa said he's "always interested in negotiating a partnership" when asked whether his current contract would need to be amended. "Our table's open," he said, but stressed that formal negotiations have not happened.

"I would certainly love to see NASCAR racing return to the Fairgrounds Speedway, no doubt," Formosa said. "Obviously, NASCAR needs to go back to short tracks, and I think they've all sat down at the table and said, 'What do we need to do?'"

Autoweek, a car publication, reported this week that Formosa's meeting last year included Smith, as well as then-Mayor Megan Barry and Scott Borchetta, founder of Big Machine Records and the sponsor of the track's weekly Pro Late Model division races.

Borchetta, who has a deep history in professional racing including competing as a driver at the fairgrounds, could buoy Bristol Motorsports' bid to enter the Nashville market. Borchetta has sponsored racing teams in the past and entered into creative partnerships that paired artists on his Big Machine Label Group roster with racing events.

Borchetta backed Formosa last year when the contract to run the fairgrounds racetrack was up for renewal.

Deal Earnhardt Jr. calls attention to Fairgrounds Speedway

The Fairgrounds Speedway — considered one of the nation's historic short tracks — has been the site of racing for the past century. Retired NASCAR driver Dale Earnhardt tweeted Sunday about wishing the Truck Series would be held there.

After today, wish the trucks were on their way to @SoBoSpeedway57 next weekend. Or @FGSpeedway. Or @MartinsvilleSwy. Or any 1/2 mile — Dale Earnhardt Jr. (@DaleJr) August 26, 2018

Clint Brewer, spokesman for Nashville's MLS ownership, said the soccer organization's focus is on the Metro Council's final consideration of the MLS stadium on Sept. 4 when asked whether the team is interested in the idea of NASCAR on the fairgrounds.

“Metro government has a contract with the Formosa family to operate the track, and we are 100 percent supportive of that partnership and local racing," he said.

Councilman Robert Swope, an advocate for the long-term future of auto racing at the fairgrounds, said the city should rewrite a 30-year lease at the speedway to match the 30-year stadium lease proposed for the MLS stadium.

Despite the city's assurances about maintaining the speedway, Swope said he doesn't have faith the speedway will be around long-term unless a long-term lease is executed. He pointed to a 10-acre private mixed-use development planned for the fairgrounds in the MLS stadium deal.

"The 10-acre mixed-use development on that property is a foot in the door to a very slippery slope, that if the racetrack is not protected under the same precedent-setting agreement that MLS has, then I'm worried the speedway won't be there in five years," he said.

More on Speedway Motorsports

Speedway Motorsports has a track record of elevating racing venues. When it purchased Bristol Motor Speedway in 1996, the racetrack had a capacity of about 70,000 fans. Now Bristol Motor Speedway can hold 160,000 and is the centerpiece of the company's racetrack assets.

The company also owns racetracks in Charlotte, North Carolina; Atlanta; Loudon, New Hampshire; Sonoma, California; Fort Worth, Texas; Las Vegas; and Sparta, Kentucky.

While lagging television ratings and some inconsistent attendance have put NASCAR's popularity in decline in recent years, Speedway Motorsports brought in $512.1 million in revenue in 2016.

The company's ties to NASCAR would seemingly boost the possibility of at least lower-level professional races returning to Nashville.

NASCAR acknowledged in May 2017 that it has had discussions about returning to Music City.

"NASCAR has a long history in the Nashville area and our fans there are as passionate as any place we race," the organization said at the time.