NASCAR returns to the streets of downtown Chicago next month for a Cup Series fixture. The city shut down roads on Monday to begin construction and prepare the track. The work is expected to be underway for the next 19 days, six days shorter than in 2023. The biggest goal of the promotion this time around is to create a better impression than it did last time around. Particularly, from a financial perspective.
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Many of Chicago’s residents were left unsatisfied with the financial benefits that the city reaped in place of the inconvenience that lay in hosting a NASCAR race last year. Daily life and businesses were largely disrupted because of the event. The Chicago Sun-Times reported that the city got a cash return of just $620,000 last year when it had shelved out over $3.5 million.
The 2023 race was heavily marred by bad weather. Rain and thunderstorms affected audience turnout and the coffers took a hit as a result. Worryingly, even if the skies had played sport, Chicago wouldn’t have received a much bigger share of the pie. To make things fairer, both the city and the promotion have worked together over the last year to reach new terms.
Chicago and NASCAR implement new terms in their deal to make the 2024 race a success
First, Mayor Brandon Johnson took hold of the deal with NASCAR from his predecessor and immediately got to work. He pulled out a pledge from the promotion that it would contribute $2 million to stage the event. For what it earns from media rights and other revenue streams this is but tiny damage. Nevertheless, it has come up with measures to increase earnings over the weekend.
NASCAR will be making the event more family-friendly by allowing children below 12 years of age to attend the races free of cost should they be accompanied by a valid ticket holder. It will also introduce single-day tickets that would make the entire affair more affordable. A key reason behind these moves could be to have audience turnout be maximum.
End of the day, NASCAR needs to prove that shutting down the historic Grant Park, the streets, and the lakefront is financially beneficial for the people. If things do not go according to plan this year, it is highly unlikely that the city will be interested in hosting the races beyond 2025.
