Mayor Brandon Johnson claimed that NASCAR’s return to downtown Chicago this summer would benefit the city with reduced setup and takedown time and additional funds to cover associated costs. However, an open records request revealed that there is no formal agreement between the city and NASCAR. Instead, there is a verbal commitment, with NASCAR promising an extra $2 million payment for this year and the next, aiming to help the city turn a profit.
Despite this commitment, the $2 million falls short of covering the over $3.5 million spent by various city departments on overtime and construction for the previous year’s race. In 2023, NASCAR paid $620,000 to the Chicago Park District for transforming streets around Grant Park into a racetrack and additional amusement taxes. A study by Choose Chicago showed a $109 million economic impact, less than NASCAR’s initial projection of $113.8 million.
Some aldermen criticized the direct cash received from NASCAR compared to other events like Lollapalooza, which generated nearly $10 million in fees for the Park District. Ald. Bill Conway expressed concerns about the lack of a written agreement and questioned whether the $2 million would cover the city’s costs.
In response to criticism, NASCAR pledged to reduce setup and takedown time for the 2024 race by six days and committed to supporting small-, minority-, and women-owned businesses. Despite claims that the new deal negotiated by Mayor Lori Lightfoot would benefit Chicagoans, the reworked agreement has not been made public.
NASCAR disclosed that, for 2024 and beyond, it would pay a flat $2 million fee each year. However, additional costs are expected due to the structure of the three-year contract with the Park District. The city remains optimistic that the flat fee, along with potential savings from reduced construction needs, will ensure a profitable outcome for the race. The race is scheduled for July 6 and 7, with general admission tickets costing just over $300 for both days.
