Chesterfield and Competitive Racing Investments officially announced a deal to allow Competitive Racing to reopen Southside Speedway. (Photo courtesy of Christopher Kendall/Competitive Racing Investments)
With an agreement now finalized to reopen Southside Speedway, Chesterfield officials and the track’s new operating group took a victory lap on Tuesday to mark the milestone.
The county and Competitive Racing Investments gathered yesterday to formally announce that a deal had been struck to bring auto racing back to the longtime track that’s been shuttered since 2020.
“We’re going to bring stock car racing back to Southside Speedway like never before,” said Jeff Oakley, who is part of the Competitive Racing team. “We all know that Friday night racing in Chesterfield County is like Friday night football in the state of Texas. We cannot wait to see a packed house on opening night.”
Competitive Racing said that races could potentially return in 2026 or 2027.
Tuesday’s announcement attracted a crowd of racing enthusiasts and featured a pair of race cars on display, as well as music by Benedictine drummers and bagpipers. It followed the signing last month of a 20-year lease-to-purchase agreement for the Speedway between the Chesterfield Economic Development Authority, which owns the track, and Competitive Racing, which will lease and operate it.
Competitive Racing would ultimately pay $5.9 million in rent over the lease period and then assume ownership of the track, according to the agreement. Competitive Racing is paying $1 annually for the first five years of the lease. From the sixth year through the end of the lease term, the group will make rental payments of $32,833 per month ($394,000 annually).
The approach to the agreement is intended to give Competitive Racing time to figure out how to reopen the property as a competitive racing venue, which is a requirement of the contract. The EDA is able to terminate the lease after five years if Competitive Racing hasn’t yet opened the racing venue and met other requirements. Chesterfield isn’t responsible for financing the redevelopment or operation of the racetrack.
Lin O’Neill (with microphone) answers questions about Southside Speedway reopening with Jeff Oakley. The men are among the Competitive Racing Investments team that is working to reopen the track. (Jack Jacobs photo)
In his remarks during Tuesday’s event, Competitive Racing’s Lin O’Neill thanked supporters of the Save Southside Speedway movement, a group he led that advocated for a return of racing to the property. O’Neill also thanked county officials who negotiated with him for more than a year to set the stage for the potential return of the venue.
Oakley, of Oakley Tank Lines, will oversee the development of the Southside Speedway property, which in addition to stock car racing is anticipated to feature event programming and commercial development. O’Neill will oversee the promotion and operation of the racetrack.
O’Neill estimated that it would take more than $2 million to make the track operational and generally in line with what it was prior to closing in 2020, but that Competitive Racing would likely spend more than that to create a more improved experience at the track. A consultant hired by Chesterfield estimated in late 2022 it would cost $10 million to $15 million to repair and reopen the track.
O’Neill said he called on Oakley to bring in someone with a grasp of the business who would be aligned with his vision to reopen the track where they once raced against each other.
“I wanted investors on my team that were racing related and understood the business of auto racing to achieve our goals for Southside Speedway. I reached out to Jeff because I knew he was as passionate about racing as I am, and let the past be the past for our rivalry, to save the track,” O’Neill said.
The Competitive Racing team also includes Josh Lief, an attorney and former general manager of Virginia International Raceway, and Joe Liesfeld of Liesfeld Contractor.
Southside Speedway shuttered in late 2020, and was purchased by Chesterfield the following year. (Jack Jacobs photo)
Competitive Racing will be able to sell off portions of the Southside Speedway property at 12800 Genito Road, which consists of more than 40 acres and includes land on the other side of the street and around the track, with the EDA’s approval.
O’Neill said the group intends to sell portions of the site to other firms and they would be the ones to develop the commercial elements of the project that the county wants to see, which could include things like restaurants and breweries. Competitive Racing would need to pay the EDA $125,000 per acre sold, and those sales would be credited against the group’s rental payments.
As part of the lease agreement, Chesterfield is requiring Competitive Racing to apply for and secure a rezoning to facilitate a mixed-use development on the property, which must happen before any land sales. Racing is a by-right use on the property.
Supervisor Kevin Carroll said the racetrack would be a destination and also complement the River City Sportsplex, the county’s nearby youth sports tournament venue. He urged the track’s supporters to attend the future races to help ensure the venture’s success.
“There’s going to be a tremendous opportunity to bring racing back here to Chesterfield County, and to have what I believe is a true gem in the Richmond metro area. … We’re going to do everything to help support them to do that, and you have to do it too. You have got to come to these races,” Carroll told the crowd at the event.
County supervisors Jessica Schneider and Jim Ingle also shared remarks at the event.
Southside Speedway is known as “The Toughest Short Track in the South.” It opened in 1959 and hosted stock-car races for decades, and drivers such as Denny Hamlin, Bobby Allison and Cal Johnson raced there. The last time racers competed at the venue was in 2019. The track closed in December 2020 following the cancellation of that year’s racing schedule due to the pandemic.
Chesterfield and Competitive Racing Investments officially announced a deal to allow Competitive Racing to reopen Southside Speedway. (Photo courtesy of Christopher Kendall/Competitive Racing Investments)
With an agreement now finalized to reopen Southside Speedway, Chesterfield officials and the track’s new operating group took a victory lap on Tuesday to mark the milestone.
The county and Competitive Racing Investments gathered yesterday to formally announce that a deal had been struck to bring auto racing back to the longtime track that’s been shuttered since 2020.
“We’re going to bring stock car racing back to Southside Speedway like never before,” said Jeff Oakley, who is part of the Competitive Racing team. “We all know that Friday night racing in Chesterfield County is like Friday night football in the state of Texas. We cannot wait to see a packed house on opening night.”
Competitive Racing said that races could potentially return in 2026 or 2027.
Tuesday’s announcement attracted a crowd of racing enthusiasts and featured a pair of race cars on display, as well as music by Benedictine drummers and bagpipers. It followed the signing last month of a 20-year lease-to-purchase agreement for the Speedway between the Chesterfield Economic Development Authority, which owns the track, and Competitive Racing, which will lease and operate it.
Competitive Racing would ultimately pay $5.9 million in rent over the lease period and then assume ownership of the track, according to the agreement. Competitive Racing is paying $1 annually for the first five years of the lease. From the sixth year through the end of the lease term, the group will make rental payments of $32,833 per month ($394,000 annually).
The approach to the agreement is intended to give Competitive Racing time to figure out how to reopen the property as a competitive racing venue, which is a requirement of the contract. The EDA is able to terminate the lease after five years if Competitive Racing hasn’t yet opened the racing venue and met other requirements. Chesterfield isn’t responsible for financing the redevelopment or operation of the racetrack.
Lin O’Neill (with microphone) answers questions about Southside Speedway reopening with Jeff Oakley. The men are among the Competitive Racing Investments team that is working to reopen the track. (Jack Jacobs photo)
In his remarks during Tuesday’s event, Competitive Racing’s Lin O’Neill thanked supporters of the Save Southside Speedway movement, a group he led that advocated for a return of racing to the property. O’Neill also thanked county officials who negotiated with him for more than a year to set the stage for the potential return of the venue.
Oakley, of Oakley Tank Lines, will oversee the development of the Southside Speedway property, which in addition to stock car racing is anticipated to feature event programming and commercial development. O’Neill will oversee the promotion and operation of the racetrack.
O’Neill estimated that it would take more than $2 million to make the track operational and generally in line with what it was prior to closing in 2020, but that Competitive Racing would likely spend more than that to create a more improved experience at the track. A consultant hired by Chesterfield estimated in late 2022 it would cost $10 million to $15 million to repair and reopen the track.
O’Neill said he called on Oakley to bring in someone with a grasp of the business who would be aligned with his vision to reopen the track where they once raced against each other.
“I wanted investors on my team that were racing related and understood the business of auto racing to achieve our goals for Southside Speedway. I reached out to Jeff because I knew he was as passionate about racing as I am, and let the past be the past for our rivalry, to save the track,” O’Neill said.
The Competitive Racing team also includes Josh Lief, an attorney and former general manager of Virginia International Raceway, and Joe Liesfeld of Liesfeld Contractor.
Southside Speedway shuttered in late 2020, and was purchased by Chesterfield the following year. (Jack Jacobs photo)
Competitive Racing will be able to sell off portions of the Southside Speedway property at 12800 Genito Road, which consists of more than 40 acres and includes land on the other side of the street and around the track, with the EDA’s approval.
O’Neill said the group intends to sell portions of the site to other firms and they would be the ones to develop the commercial elements of the project that the county wants to see, which could include things like restaurants and breweries. Competitive Racing would need to pay the EDA $125,000 per acre sold, and those sales would be credited against the group’s rental payments.
As part of the lease agreement, Chesterfield is requiring Competitive Racing to apply for and secure a rezoning to facilitate a mixed-use development on the property, which must happen before any land sales. Racing is a by-right use on the property.
Supervisor Kevin Carroll said the racetrack would be a destination and also complement the River City Sportsplex, the county’s nearby youth sports tournament venue. He urged the track’s supporters to attend the future races to help ensure the venture’s success.
“There’s going to be a tremendous opportunity to bring racing back here to Chesterfield County, and to have what I believe is a true gem in the Richmond metro area. … We’re going to do everything to help support them to do that, and you have to do it too. You have got to come to these races,” Carroll told the crowd at the event.
County supervisors Jessica Schneider and Jim Ingle also shared remarks at the event.
Southside Speedway is known as “The Toughest Short Track in the South.” It opened in 1959 and hosted stock-car races for decades, and drivers such as Denny Hamlin, Bobby Allison and Cal Johnson raced there. The last time racers competed at the venue was in 2019. The track closed in December 2020 following the cancellation of that year’s racing schedule due to the pandemic.
What will be different? Are the economics different now as compared to 2020? I don’t see how this will be profitable, and I worry that we will be in the same place five years from now.
Why yes, the economics are markedly different than during a pandemic shutdown.
Not to worry about the future – The County Board of Supervisors know that the taxpayers are an ATM machine. No calculated return on investment is necessary….
This taxpayer will be at Southside every Fri.night.
Same.
Good news, but I hope folks support it and buy tickets, food, beverages etc., so many don’t attend motorsport events anymore and just watch on television.
I say fill it with dirt like Nascar does Bristol cheaper and way better racing and alot more racing series would come fans love dirt racing 🏁
If you want to run dirt, go buy Virginia Motor Speedway instead. That place needs help too.