On Thursday, both Canadian Tire Motorsport Park (CTMP) and VIRginia International Raceway made significant announcements that will shape the future of their respective circuits.
In the case of CTMP, the Bowmanville, Ontario circuit has announced that it has been purchased by a new ownership group. This new group is led by Woodbridge Group Co-chairman and former racing driver Peter Thomson, with Chris Pfaff of Pfaff Automotive Partners, and former telecommunications mogul Alek Krstajic as his partners.
The Thomson-led group purchased the iconic circuit, historically known as Mosport, from Canadian Motorsports Ventures Ltd., which was established by businessman Carlo Fidani (father of 13 Autosport owner/driver Orey Fidani), legendary racing driver Ron Fellows, and his wife Lynda. CMVL bought the circuit from Dr. Don Panoz in June 2011.
The existing management team and staff, led by CTMP President and General Manager Myles Brandt, will remain in place.
In a statement issued today, the new ownership group stated that it will be “committed to preserving Mosport’s history, supporting its existing community of fans, teams, and event partners, and ensuring that all scheduled activities and operations continue uninterrupted.”
The new ownership group will share future plans for the circuit at the Canadian International Auto Show in Toronto from 13–22 February, including a road map for long-term development, investment strategies, and an enhanced role within the Canadian motorsport and entertainment spaces.
“Canadian Tire Motorsport Park is a place with deep heritage and a loyal community,” said ownership partner Pfaff. “Our team is proud to be its next steward. We’re committed to respecting everything that makes CTMP special today, while building the foundation for an elevated experience in the years ahead. We look forward to sharing more of our vision this February.”
On the same day, VIRginia International Raceway announced that it has officially acquired full ownership of the land that the historic circuit operates on, an acquisition that VIR states will allow for new growth and development opportunities in the future.
VIR CEO and Co-owner, Connie Nyholm, stated, “I am immensely pleased to tell all of our dedicated fans, renters, teams, sanctioning bodies, tenants, employees, community stakeholders—everyone—that we recently closed on the purchase of all of the land underlying VIR. VIR can now live on in perpetuity.”
Since the circuit re-opened in March 2000, VIR had operated under a 100-year land lease with the Foote family in Southern Virginia. Though the lease allowed the facility to flourish into an internationally recognised motorsports venue after its rebirth, it often limited the scope for long-term planning and expansion.
But via an amicable transfer of ownership assisted by financial partner Carter Bank & Trust, VIR says it has not only secured its long-term future, but will unlock more avenues for strategic development and collaboration across the world of motorsport.
Nyholm continued, “In 2020, Mark and Tara Rein bought into VIR as my 50/50 partner and, because we were aligned in our priorities for growth, we were able to plan more aggressively with President and COO of VIR Kerrigan Smith and our amazing team.
“In the past five years, VIR has invested heavily in track improvements, including miles of guardrail and catch fencing, increased capacity on pit lane and in the paddock for teams and new viewing and camping areas for fans, and made modern renovations to all on-site lodging and common areas throughout the facility. Twelve additional Villas were completed this year.
“The more we planned to invest, the more limiting the land lease became. Now that everything is really ours, we are excited to chart VIR’s future and build relationships that will make our already ambitious goals grow bigger sooner.
“As my business partner, Mark, says, ‘I’d rather have things right than right now.’ Our team spends a lot of time exploring new ideas and planning what’s right for VIR’s next 25 years, whether that’s facilities, activities, and or operations, and our list is continually growing. As I always say, “Come back, come often, and bring your friends!” so you can experience our evolution first hand.”
Images © Canadian Tire Motorsport Park, VIRginia International Raceway, and IMSA
