Super Lawyers
The top Attorneys in Virginia and
the Washington, D.C. metropolitan
area, only 5% of the attorneys
in the state are named in SuperLawyers
ATA NBTA | The National Board of Trial Advocacy Association of Trial Lawyers of America Virginia Trial Lawyers Association

Virginia International Raceway gets new owner

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

No Comments

Leave a comment
Comment Information

DISCLAIMER: This website is designed to provide only general information; nothing contained herein constitutes legal advice nor is it an offer of legal representation. Use of this website is not intended in any way to create or convey the impression that such use of the website by any person, organization, or entity of any nature and/or kind constitutes any attorney-client relationship whatsoever and any information provided in this website shall not constitute legal advice. The use of any electronic communication available through this website with the Law Office of Richard L. Downey or any person associated with this website shall not constitute attorney-client relationship nor will any communication received by the Law Office of Richard L. Downey constitute an attorney-client communication. The Law Office of Richard L. Downey cannot make any guarantees as to the accuracy or currency of any information contained in or created in this website or the use of any link to another website contained in this website. The information that you obtain at this website is not, nor is it intended to be legal advice. You should consult a lawyer for individual advice concerning your own particular situation.

*The National Board of Trial Advocacy is accredited by the American Bar Association. Currently there is no procedure in the Commonwealth of Virginia for approving certifying organizations.