VIR Acquires Full Ownership of Land

Photo: Brandon Badraoui/IMSA

Virginia International Raceway has acquired full ownership of the land it operates on, ending a decades-long lease and opening “new doors” for growth and development.

VIR CEO and co-owner Connie Nyholm announced the news on Thursday.

“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,” she said. “VIR can now live on in perpetuity.”

Since its rebirth 25 years ago, VIR has operated under a 100-year land lease with the Foote family in Southern Virginia.

The lease, while allowing the facility to flourish into an internationally recognized motorsports venue, often placed limitations on large-scale and long-term planning, expansion, and financing.

Thanks are extended to the Foote family, who worked with VIR to transfer ownership, and Carter Bank & Trust, a long-time financial partner.

“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 explained.

“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.”

The land acquisition not only secures VIR’s long-term future but also unlocks potential for strategic development and collaboration across the motorsports world.

Fourteen businesses have already located on VIR’s campus, with more on the way.

As a major tourism and event destination, VIR contributes significantly to the regional economic impact drawing over 400,000 visitors each year primarily from the broader mid-Atlantic area Pennsylvania through Georgia.

“As my business partner, Mark, says, ‘I’d rather have things right than right now,’ Nyholm added.

“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.”

John Dagys

John Dagys is the founder and Editor-in-Chief of Sportscar365. Dagys spent eight years as a motorsports correspondent for FOXSports.com and SPEED Channel and has contributed to numerous other motorsports publications worldwide. Contact John