VIRginia International Raceway announced today that it has officially acquired full ownership of the land that the historic circuit operates on, an acquisition the road course’s management states will allow for new growth and development opportunities in the future.

“I am immensely pleased to tell all of our dedicated fans, renters, teams, sanctioning bodies, tenants, employees, community stakeholders – everyone – that we recently closed on the purchase of all of the land underlying VIR,” track CEO and co-owner Connie Nyholm said. “VIR can now live on in perpetuity.”

Since the circuit re-opened in March 2000, VIR had operated under a 100-year land lease with the Foote family in Southern Virginia. Though the lease allowed the facility to flourish into an internationally recognized motorsports venue after its rebirth, it often limited the scope for long-term planning and expansion.

But via an amicable transfer of ownership assisted by financial partner Carter Bank & Trust, VIR says it has not only secured its long-term future but will unlock more avenues for strategic development and collaboration across the world of motorsport.

“In 2020, Mark and Tara Rein bought in to VIR as my 50/50 partner and, because we were aligned in our priorities for growth, we were able to plan more aggressively with President and COO of VIR Kerrigan Smith and our amazing team,” Nyholm said. “In the past five years, VIR has invested heavily in track improvements, including miles of guardrail and catch fencing, increased capacity on pit lane and in the paddock for teams and new viewing and camping areas for fans, and made modern renovations to all on-site lodging and common areas throughout the facility. Twelve additional villas were completed this year.

“The more we planned to invest, the more limiting the land lease became. Now that everything is really ours, we are excited to chart VIR’s future and build relationships that will make our already ambitious goals grow bigger sooner.

“As my business partner, Mark, says, ‘I’d rather have things right than right now.’ Our team spends a lot of time exploring new ideas and planning what’s right for VIR’s next 25 years, whether that’s facilities, activities, and or operations, and our list is continually growing. As I always say, “Come back, come often, and bring your friends!” so you can experience our evolution first hand.”

CHARLOTTE, N.C. — The landmark settlement that ended the antitrust lawsuit filed by 23XI Racing and Front Row Motorsports against NASCAR saw the league make several notable concessions beyond just granting teams “evergreen” charters, comparable to a franchise in most professional sports leagues, multiple team sources familiar with the settlement terms have told The Athletic.

In addition to all 15 charter-holding teams having their charters become permanent instead of expiring at a set end date, the settlement terms include teams receiving a say in governance and a greater percentage of various NASCAR revenue streams.

The combined gains are considered a massive win by 23XI and Front Row that will benefit every Cup Series organization, as the teams achieved many of the goals they laid out when the most recent charter negotiations began more than two years ago.

The exact terms of the revised charter agreement are still being sorted out, but the pending revisions were outlined with the charter-holding teams in a meeting Thursday afternoon, sources said.

These changes follow NASCAR and 23XI/Front Row submitting their settlement terms Thursday morning to Kenneth D. Bell, the presiding judge in the lawsuit filed last October by the two teams. Bell agreed, ending the contentious lawsuit that has roiled the sport for the past 14 months.

Under the previous charter agreement, which expired at the end of the 2024 NASCAR season, teams could issue a “strike” whenever NASCAR instituted a rules change they didn’t like. Over the span of the agreement, first enacted in 2016, any team that issued three strikes then had the ability to race in a competing series without punishment.

At the behest of NASCAR, and to the dismay of the teams, the “three-strike rule” was removed from the 2025 charter agreement. That rule will now be reinserted, those sources say, though expanded to five strikes.

Teams also will receive an unknown percentage of NASCAR’s international media rights deals, of which they previously received zero, and a one-third portion of new business deals involving teams’ intellectual property.

In addition to the gains 23XI and Front Row achieved for every team, both organizations will have their combined six charters returned to them. They lost the charters, valued at as much as $300 million total based on recent sales (the last charter sale was for $45 million), during the ongoing litigation. Ownership of one of the 36 available charters provides certain financial guarantees and entry into every race in the sport’s premier Cup Series.

NASCAR also agreed to pay monetary damages to 23XI and Front Row, according to sources, though the exact figure is unknown.

Roger Penske statement on today’s settlement:   

“Today’s settlement is tremendous news for the industry. We are stronger together as a sport and the agreement today allows all of us to focus on what’s important, the continued growth of NASCAR. The sport has never been more competitive and today’s resolution provides the entire industry with a platform that strengthens our business and allows us to continue to entertain our millions of passionate fans in a unified way.”

“My goal is simple — contend for the championship, fight for race wins and podium results, continue improving every weekend, and make the most of the opportunity to grow through the ARCA races as well. I’m grateful to Nick (Tucker) and Joe (Tovo) and everyone at Nitro Motorsports for believing in me and giving me the tools to keep moving forward.”

“Sam has been a key part of our program and someone we’ve believed in from the start,” added Nitro Motorsports co-owner Nick Tucker. “He’s mature, fast, and incredibly focused — exactly what you need to succeed.

“His pace last year showed he’s ready to fight at the front and giving him a couple of ARCA starts will only accelerate his growth and possibly provide a look into the future. We’re excited to have him back and fully expect him to be a championship contender in 2026.”