VIR completes purchase of the track’s land

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.”