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Nashville terminates Fairgrounds Speedway lease with Formosa Productions

The City of Nashville’s Metro Fair Board unanimously voted on Tuesday morning to terminate the Fairgrounds Speedway operations lease currently held by Formosa Productions.

Members voted to terminate the contract with the father-daughter operations team of Tony and Claire Formosa, citing a breach of contract.

The city-owned short track had suffered a litany of rainouts over the past calendar year, leaving Formosa Productions $129,400 in rent and food vendor debt. During the board’s last meeting in October, it was agreed that the city would give the Formosas until December 31 to repay.

The Formosas have 90 days to vacate the facility, which entails removing equipment and moving out of the offices.

Fomosa Productions and Speedway Motorsports Inc. agreed to a joint venture in December to bring NASCAR national touring events back to the speedway. That agreement was pending city approval and the sanctioning body adding the track to a schedule.

It’s worth mentioning that the track would need $20-30 million minimum in improvements to meet NASCAR specifications.

It’s unclear how Tuesday’s developments will impact that agreement.

Short Track Scene