It’s a longshot but there remains a possibility that NASCAR racing could someday return to Fairgrounds Speedway Nashville.

After failing to win the lease for the city-owned track in 2017, Speedway Motorsports, Inc. remains interested in bringing a national touring event back to the historic downtown track that has hosted motorsports in some capacity since the early 1900s.

Since losing the open bid to longtime track operator Tony Formosa, SMI president and CEO Marcus Smith has twice met with the Formosas in Nashville to discuss working together to bring big-time stock car racing back to the Music City. The first meeting occurred in December and the second took place last week following the Cup Series event at nearby Bristol Motor Speedway.

Present for the winter meeting was Smith, Tony Formosa, track president (and Tony’s daughter) Claire Formosa, Bristol General Manager Jerry Caldwell, former city mayor Megan Barry and Big Machine Records founder Scott Borchetta -- the sponsor of the track’s weekly Pro Late Model division.

The purpose of the meeting wasn’t for Smith and SMI to contest the city’s decision to award a five-year lease to Formosas, but instead to generate conversation for how they could together build a foundation to possibly get NASCAR back in town.

There are several obstacles to overcome for this to even become a reality.

For one, the track needs at least $20 million minimum in renovations and improvements to meet current NASCAR standards. It would need more for the Monster Energy NASCAR Cup Series. The 0.596-mile track hasn’t hosted Cup since 1984 and hasn’t hosted Xfinity and Trucks since the 2000 season.

While the foundation of the facility is enticing to Smith and SMI, the track would require SAFER Barriers, additional seating and modern medical facilities to even move the conversation forward. But with a little imagination, it’s not difficult to see Nashville looking the part following the hypothetical renovations.

It already has an infield tunnel, a spacious infield and large parking areas. The track itself is just over a half-mile but runs much faster and looks much larger. It looks like a Cup Series track because once upon a time, it was.

One of the reasons Smith lost out to the Formosa family when bidding on the lease was that he wanted a 30-year agreement. Formosa had been operating on a year-to-year lease since 2010. Additionally, SMI wanted the Metro Board of Fair Commissioners that oversees the Fairgrounds to fully fund capital renovations.

Smith wouldn’t commit to funding a facility he didn’t own, or at least didn’t have a long-term contractual agreement to operate the track long enough to recoup any losses from the initial investment. That’s where Borchetta has been involved, going back-and-forth with Smith on how they could structure a deal to where both sides could share some of the initial burden.

Of course, this is all barring the approval of the entity that actually owns the facility -- the city itself.

Another complicating factor is that the Fairgrounds is currently embroiled in a fierce debate over where to build the Major League Soccer stadium the city was recently awarded. There are some who want to maintain the status quo of the state fair, flea markets and motorsport events.

Others want to see the area redeveloped into a sporting complex with housing, retail and a hotel on 10 acres next to the stadium. Part of the speedway’s back parking lot is already being redeveloped into a family park.

SMI believes it could successfully promote NASCAR events alongside the MLS franchise. The Formosas have taken the stance that soccer would come at the expense and eventual demise of the longest operating race track in the United States.

The master plan for the Nashville fairgrounds overhaul, including a new MLS stadium. Joseph Garrison / The Tennessean

Fairgrounds Speedway Nashville remains a popular track to traditional fans and current short track aficionados. Dale Earnhardt Jr. frequently makes references to the track and even tweeted over the weekend that he wishes the Truck Series would make a stop there during the playoffs.

The Formosas will soon promote the biggest race of their season, the annual All-American 400 Super Late Model race, which has been won by the likes of Bubba Pollard, Darrell Waltrip, Chase Elliott, Daniel Hemric and John Hunter Nemechek.

In any case, there is absolutely a scenario that could end with NASCAR returning to one of its traditional markets, but it’s going to take some work by all sides involved.

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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

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