The proposal involves a 30-year bond-backed renovation of the facility, which first opened in 1904 and is the second-oldest operating speedway in the U.S. behind the Milwaukee Mile. It is located next to the brand-new Major League Soccer stadium that’s set to open for the 2022 season.
The updates are estimated at $ 75 million and would modernize the infrastructure, increase the capacity from 18,000 to 30,000 and add a sound-mitigating wall to reduce the noise in the surrounding suburban area. BMS would operate the the track under a 30-year lease with a limited amount of rental days allowed.
The track played host to the finale of the inaugural Superstar Racing Experience all-star stock car series in July, where a sell-out crowd saw guest driver Chase Elliott win and Tony Stewart secure the season title. It held Cup Series races from 1958 to 1984, with Geoff Bodine winning the final running of the Pepsi 420.
The agreement still has several hurdles to surpass before work on the track can commence, including approval from the sports authority and city council, which has several members who have voiced opposition to track’s expansion or continuation.
The NASCAR Cup Series held its first race at the Nashville Superspeedway this summer, which is located in nearby Lebanon and owned by BMS owner Speedway Motorsports.