CHESTERFIELD COUNTY, Va. — Friday night racing is set to return to the Richmond area and jumpstart a bold new vision for Southside Speedway.
At the direction of the Board of Supervisors, the Chesterfield Economic Development Authority has finalized a 20-year ground lease-to-purchase agreement for Southside Speedway. As part of the deal, investor group Competitive Racing Investments — led by Chesterfield native Lin O’Neill and business leader Jeff Oakley — has committed to revitalizing the track and restoring auto racing to the area.
“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,” said Jim Ingle, chair of the Chesterfield County Board of Supervisors (Bermuda District). “We are doing what local government can to give Competitive Racing Investments every opportunity to successfully reopen and operate the track.”
Oakley and O’Neill have both had long and distinguished competitive racing careers and were, for many years, rivals on the track. Additional CRI investors include area business leaders Scott Banton and Josh Lief.
“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 said. “Yesterday Jeff and I were rivals, and today we are business partners who want to see our hometown racetrack thrive for years to come.”
Oakley serves as manager and chairman of CRI, and O’Neill is president of racetrack operations for an affiliated operating entity. In these capacities, Oakley will oversee property development and O’Neill will serve as track promoter and operations manager.
“It’s an honor for our group to be entrusted by Chesterfield County to bring racing back,” Oakley said. “This project is about honoring Southside Speedway’s past while securing its future. We are going to make sure Southside Speedway doesn’t only come back but evolves into the iconic Friday night racing venue.”
Track History
Known as “The Toughest Short Track in the South,” the 0.33-mile Southside Speedway opened along Genito Road in 1959. Racing legends including Richard Petty, Junior Johnson, Bobby Allison, Lennie Pond, Tommy Ellis, Ray Hendrick, Wendell Scott and current NASCAR stars including Kyle Busch, Joey Logano and Chesterfield native Denny Hamlin have thrilled race fans at Southside.
Racers last competed at Southside in 2019, the track’s 60th anniversary. The COVID-19 pandemic prompted the cancellation of its 2020 schedule; in December of that year, the track’s former owners announced they were closing the facility.
“I grew up going to a track very similar in size to Southside Speedway, so I understand the sense of excitement that the community is feeling as they eagerly anticipate the return of racing,” said Clover Hill District Supervisor Jessica Schneider, whose district includes the track. “CRI has been unwavering in its determination to bring racing back to Southside Speedway and I can’t wait to see the green flag drop at the first race.”
Track Future
With motorsports at its core, CRI envisions the site as a dynamic hub for year-round entertainment, special events, and family-friendly activities. At this time, CRI is open to additional development partnerships and sponsorship opportunities that align with its community mission to support the future sustainability of the track and the 47-acre plot, located in Chesterfield County’s growing sports tourism corridor.
Before Friday night racing cranks up again, the track must undergo extensive upgrades, from the racing surface to the grandstands and supporting infrastructure, to ensure a safe and enjoyable experience for competitors and fans. While CRI cannot offer a definitive timeline at this time, the team is committed to working closely with the county and other stakeholders to advance the revitalization process.
“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.
Deal Background
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.
Chesterfield set out to identify a private-sector entity interested in operating the speedway and investing in needed facility enhancements. Following the issuance of a request for proposals, the Board of Supervisors directed the EDA to begin negotiations with CRI in December 2023 on a lease-to-purchase agreement for the site.
Southside Speedway’s revitalization aligns with Chesterfield County’s Genito/288 Plan, ensuring that the property remains an integral part of the county’s long-term vision.
With the exceptions of the racetrack and the barrier wall around it, CRI committed to removing or rehabbing all existing structures on the premises within 12 months of the contract’s Feb. 3 effective date.
“This track means everything to the racing community,” O’Neill said. “Southside Speedway deserved to be saved. And now, we’re making it happen. The journey back to Friday night racing has begun and the next chapter for Southside Speedway is in sight.”
