VIRginia International Raceway Secures Full Ownership, Paving Way for Future Development
VIRginia International Raceway (VIR) announced today the completion of its acquisition of the land on which the historic circuit operates, a strategic move aimed at enhancing growth and development opportunities. CEO and co-owner Connie Nyholm expressed strong optimism regarding the acquisition, stating, “VIR can now live on in perpetuity.”
Previously, the circuit functioned under a 100-year land lease with the Foote family, which, while allowing for significant progress since its reopening in March 2000, often constrained long-term planning and expansion efforts.
The transition to full ownership was facilitated through a collaboration with financial partner Carter Bank & Trust. Nyholm emphasized that this change not only secures VIR’s future but also opens avenues for strategic development within the motorsports community.
In recent years, under the partnership of Mark and Tara Rein, as well as President and COO Kerrigan Smith, VIR has invested heavily in infrastructure improvements, including updated safety features, enhanced pit and paddock capacities, and new accommodations such as twelve additional villas completed this year. Nyholm noted, “The more we planned to invest, the more limiting the land lease became.”
The new ownership structure empowers VIR to pursue ambitious long-term goals without the restrictions of the previous lease. Nyholm highlighted the team’s commitment to innovative planning for the next 25 years, inviting motorsport enthusiasts to engage with VIR’s ongoing evolution.
