NASHVILLE, Tenn. (WJHL) — The Metro Nashville Fair Board terminated its contract with Formosa Productions, the operator of the Nashville Fairgrounds Speedway, according to Nashville CBS affiliate WTVF.
WTVF reports that the fair board said Formosa owes the city $120,500 in back rent and more than $30,000 in concession fees and also cited a lack of confidence as the reason for terminating the contract.
Formosa had reached an agreement with Bristol Motor Speedway to explore the possibility of bringing racing back to the Nashville Fairgrounds Speedway.
“We appreciate all that Tony and Claire Formosa have done to sustain local racing in Nashville over the years,” said Jerry Caldwell, executive vice president and general manager for Bristol Motor Speedway, in a statement to News Channel 11. “Today’s news does not change our interest or belief that Nashville Fairgrounds Speedway can be returned to prominence to help create a true renovation of the Fairgrounds. There is huge local, regional and national interest in the future of the Nashville Fairgrounds Speedway. As Mayor Cooper, the Fair Board and Council determine what’s next for the historic race track, we are ready to engage with them on the vision that we believe can deliver a bright future for the Fairgrounds.”
Formosa has until February 12, 2020 to vacate the premises.