In 2000, Virginia International Raceway was a barebones racetrack. There was no resort, no kart track, and no spa that make up just part of what we know it as today. After purchasing the track that had been sitting unused for nearly 25 years and spending the last 13 years turning it into a facility heralded by the likes of Car and Driver magazine, VIR's owner has decided to retire.
This decision opened up the opportunity for a new owner to step in. When this happens in the business world, it's important that both parties be well informed about the legal aspects of such a complex transaction to ensure a seamless transition from one owner to the next. Just last week, the racetrack announced that it has a new owner.
A woman who is a member at VIR and is the owner of record of a racing complex in Pennsylvania made an offer to buy up the majority of the former owner's interest. Although she will now own most of the racetrack, she will not be heavily involved in the operations aspect of the business. The current operations director will continue her responsibilities with the support of the new owner.
As is often the case with changes in ownership, the racetrack has big plans to continue expanding. The director of operations says she hopes to grow the track's industrial park by partnering with Virginia Tech. She also has plans to work on expanding the group business aspect of the company.
So far, the ownership change seems to be going smoothly. Virginians will still be able to head to the track to see the races that VIR is most known for, including the American Le Mans Series in October and the Gold Cup event in September.
Source: The Gazette-Virginian, "New owner poised to keep momentum going at VIR," Joe Chandler, Jan. 10, 2013