NASCAR could pay Chicago an additional $2 million for 2024 Street Race

The City of Chicago could receive an extra $2 million from NASCAR for hosting its Chicago Street Race event again this July 6-7, according to a report by the Chicago Tribune. NASCAR has reportedly verbally committed to paying Chicago the additional flat fee, while reducing setup and takedown of the race by six days.

NASCAR announced the street race would return to Chicago in October, at which point Mayor Brandon Johnson asserted his office had secured a better deal for the city.

An open records request received by the Tribune revealed no official deal between NASCAR and the city. The verbal agreement reportedly involves NASCAR contributing an added $2 million for the next two years, alleviating city expenses and helping Chicago turn a profit.

Despite the additional $2 million, the amount falls short of the expenses various city departments accrued last year, according to the Tribune. Those costs included $2.16 million from the Transportation Department on road improvements and extra pay, $1.4 million in police overtime, and $50,000 in overtime for emergency management workers.

For the 2023 Street Race, NASCAR paid the city a total of $2.42 million, which included $1.8 million in amusement taxes for tickets sold, according to the Tribune. As such, the $2 million flat fee would provide a significant boost.

A study conducted by Choose Chicago, the city's tourism arm, reported that last year's Chicago Street Race generated nearly $109 million in economic impact. However, that figure was beneath the $113.8 million initially projected by NASCAR.

Last year's Xfinity Cup Series “Loop 121” and NASCAR Cup Series “Grant Park 220” races were hampered by intermittent  rains throughout the weekend, resulting in delays and shortened durations.