Friday night racing is set to return to the Richmond area as Southside Speedway prepares for a revival under new leadership.

The Chesterfield Economic Development Authority has finalized a 20-year ground lease-to-purchase agreement for the historic track. Competitive Racing Investments (CRI), led by Chesterfield native Lin O’Neill and business leader Jeff Oakley, will spearhead the revitalization effort.

“We are going to make sure Southside Speedway doesn’t only come back but evolves into the iconic Friday night racing venue,” said Oakley, who serves as manager and chairman of CRI.

The 0.33-mile track, known as “The Toughest Short Track in the South,” opened in 1959 and has hosted racing legends such as Richard Petty, Junior Johnson and Denny Hamlin. The facility closed after its 60th anniversary season in 2019 when the pandemic forced the cancellation of its 2020 schedule.

O’Neill, who will serve as track promoter and operations manager, noted the personal connection he feels to the facility.

“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.”

Before racing can resume, the track requires extensive upgrades to the racing surface, grandstands and supporting infrastructure. CRI has committed to removing or rehabilitating all existing structures except the racetrack and barrier wall within 12 months.

While no definitive reopening timeline was announced, CRI envisions the 47-acre site becoming a year-round entertainment hub in Chesterfield County’s growing sports tourism corridor, according to a press release.

The county acquired the property in June 2021 to prevent incompatible development and preserve the possibility of a return to racing.

“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.