VIR Operator has acquired ownership of the land where the track is located, preventing developers from encroaching.

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      In recent years, many racetracks have fallen victim to escalating real estate prices, with their scenic turns and steep banking being replaced by residential developments or warehouses. However, for the time being, Virginia International Raceway (VIR) will not be among them.

      Since its reopening in 2000, VIR’s owners have managed the track and facilities, but did not own the land itself. The operation was based on a 100-year lease with the property owners, the Foote family. Last month, VIR announced that it has “acquired full ownership of the land on which it operates.” This grants the VIR team complete control over the track’s future, while also allowing for greater opportunities for expansion.

      “VIR can now continue to exist indefinitely,” stated Connie Nyholm, CEO and co-owner of the track. “Now that everything is truly ours, we are eager to define VIR’s future.”

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      Established in 1957, VIR hosted sports car competitions featuring prominent figures like Carroll Shelby and Hurley Haywood before closing in 1974. After reverting to agricultural land, it was not until 1998 that Nyholm and co-investor Harvey Siegel secured the lease. They oversaw the track’s reopening in 2000. Siegel retired from co-ownership in 2013, and Mark and Tara Rein joined as new co-owners with Nyholm in 2020.

      In its revived form, VIR offers five configurations, from the 1.1-mile Patriot Course to the 4.2-mile Grand Course. While VIR continues to host professional races, it currently does so only on a limited basis. As of now, the only professional event scheduled for 2026 is an IMSA GT race on the weekend of August 21.

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      VIR’s fast and challenging layout makes it a sought-after location for manufacturer record attempts and track days. To enhance the latter, the current ownership has worked on improving amenities, including several trackside villas. Nyholm noted that the lease arrangement was hindering progress. Acquiring the land provides ownership with more freedom to expand VIR, which should help increase revenue and provide greater protection against the challenges faced by other tracks.

      Starting a new racetrack is quite difficult, but even established venues have encountered demolition in recent years. California’s Irwindale Speedway was sold to a developer in 2022, with demolition commencing earlier this year. The owner of Michigan’s Grattan Raceway has been considering selling the property for over two years, previously asking an ambitious $15 million during our last inquiry.