NASCAR's Chicago weekend to cost $1 million - Reports

NASCAR is currently wrapping up the 2022 regular season, with only two races remaining on the road to the championship that will kick off next month. As the 2022 season is coming to an end in the next 11 weeks, the 2023 Cup Series schedule is underway. According to reports, it will be released by the end of this month.

Though much is not known about the full schedule, there are a few details in the public domain concerning the 2023 schedule. Like the 2022 season, it will also start with the Busch Light Clash, which will return to Los Angeles just a week before the Super Bowl. After that, the Daytona 500 will officially debut in the 2023 season.

Additionally, the long-awaited event, the Chicago Street race, will also be on the 2023 schedule. The agreement is already in place, and the stock cars will line up on the streets of Chicago on July 2, 2023.

During the announcement, NASCAR’s vice chairman Ben Kennedy, cited the street move as enabling the organization to explore new markets away from road courses and oval tracks.

During the announcement, Kennedy and the city official didn’t go deeper into the contract. Instead, they concentrated more on the excitement the race is expected to bring to the people of Chicago.

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What does the contract between NASCAR and the City of Chicago entail?

Last week, the media managed to get a 46-page contract between NASCAR and the City of Chicago, which includes the amount that is expected to be spent at the event. The reports show that NASCAR might spend up to $1 million for the highly anticipated Chicago weekend.

According to Crain’s Chicago Business report, the stock car organization is expected to pay the Chicago Park District a total of $500,000, which will cater to the use of Grant Park. However, the amount won’t be fixed as it will increase by 10% in the 2024 and 2025 seasons. This means the figures might go up to $732,000 by 2027.

The report also shows that, apart from the Park District fee, for every ticket sold, 2% of that amount will go to the city. When it comes to merchandise sales and concessions, the city will claim 15% of that amount in 2023. The percentage will go up by 5% the following year.

They are also expected to pay a security deposit for repairs or damage, which amounts to $50,000. However, some city officials have expressed their disappointment with the deal, citing that the city will only get pennies while NASCAR will go home with the dollars.