CHESTERFIELD COUNTY, Va. — Southside Speedway is set to reopen to racing sometime in the future, according to Chesterfield County leaders.
Competitive Racing Investments LLC (CRI), led by Lin O’Neill and Jeff Oakley, struck a deal with the Chesterfield Economic Development Authority to lease the shuttered county-owned racetrack that hosted races on Genito Road from 1959 until its closure in 2020.
"We recognize Southside Speedway’s importance to many of our residents and its uniqueness as a historic venue that has helped shape the careers of many racing greats," Jim Ingle, chair of the Chesterfield County Board of Supervisors (Bermuda District), said in a statement. "We are doing what local government can to give Competitive Racing Investments every opportunity to successfully reopen and operate the track."
"As one of the many people who grew up on Friday nights at Southside Speedway, the track holds a special place in my heart," O’Neill, president of racetrack operations, said in a statement. "Yesterday, Jeff and I were rivals, and today we are business partners who want to see our hometown racetrack thrive for years to come."
Watch: Southside Speedway closes in 2020
Extensive upgrades to the racing surface, grandstands, and infrastructure are needed before the track can reopen, officials said.
CRI said it was "committed to removing or rehabbing all existing structures on the premises within 12 months of the contract’s Feb. 3 effective date."
An exact timetable as to when the track would reopen was not yet available.
"This project is about honoring Southside Speedway’s past while securing its future," Oakley, CRI manager and chairman, said. "We are going to make sure Southside Speedway doesn’t only come back, but evolves into the iconic Friday night racing venue."
In addition to racing, county leaders and investors hope the 47-acre plot becomes a place for "year-round entertainment, special events, and family-friendly activities."
"We have a lot of work ahead of us and are committed to keeping the community informed with regular updates as we move forward," Oakley said.
To secure control of the site, prevent it from being redeveloped with incompatible uses, and preserve the possibility of a return to racing, the Chesterfield EDA acquired the property in June 2021 at the direction of the Board of Supervisors.
CRI has a lease-to-purchase agreement set up with the county for the site.
"This track means everything to the racing community," O’Neill said. "Southside Speedway deserves to be saved. And now, we’re making it happen."
What do you think about the return of Southside Speedway? Email the CBS 6 Newsroom.
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