Ten months after the International Hot Rod Association bought the former Memphis International Raceway and promised race weekends this fall, all 342 acres at 5500 Victory Lane are for sale again. Sealed bids are due November 17, 2026, at 5 p.m. Central. The auction listing leads with logistics. It points to the rail line, the neighboring airport, and a concept plan for more than 4 million square feet of logistics space before it gets to the track's racing history. For people in Millington who drive past the track every day, the open question is what kind of property the next owner thinks it's buying, more than whether racing comes back.
The Daily Memphian reported on October 7 that the revival had "drove into the ditch." Two days later, columnist Clay Bailey wrote that the park "still looks the same" after the plans fell apart. Here's how the site got to this point and what to watch between now and the bid deadline.
How the Revival Plan Unwound in Under a Year
The property has been through this before. The track opened in 1987. Dover Motorsports bought it in 1997, and when a 2009 sale to another buyer fell through for lack of financing, Dover closed it that October. It sold at auction in 2011 for $2.06 million to Moroso Investment Partners, which later became IRG Sports + Entertainment. Action News 5 reported that the venue had been closed since 2022.
The most recent attempt moved fast:
- December 23, 2025. IHRA closed on the property. WREG reported plans for drag racing, stock cars, grassroots motorsports, and community events. Memphis Mayor Paul Young, Shelby County Commissioner Amber Mills, and Millington Area Chamber director Chris Thomas all welcomed the purchase.
- January 7, 2026. Groundbreaking began on the restoration, according to CycleDrag. FOX13 reported a $60 million plan that would demolish and replace buildings on the dragstrip side and add an amphitheater, a dirt track, tractor pulls, and bull riding.
- Summer 2026. The Daily Memphian reported that the $60 million transformation was on hold until 2027. The original goal had been to reopen "by this fall." In August, Action News 5 reported that Thomas said the Chamber had received no official notice from IHRA about a new timeline but was still hopeful the park could become a major local economic asset.
- October 6–7, 2026. IHRA's owner said in a statement published by Drag Illustrated, "I have made the decision to exit the racing business." Twelve tracks went to sealed-bid auction through Tranzon Atlas, and the Memphis site is one of them.
The stall came as the owner's wider business got caught up in a federal contract dispute with xAI-affiliated companies over data center construction work. Both sides dispute the other's claims. As of the auctioneer's October 7 update, none of the allegations had been tested in court and the judge had not ruled on pending motions.
Where This Fall's Race Dates Went
If you had this month circled for racing in Millington, none of those dates will happen on Victory Lane. The race schedules IHRA announced in December 2025 listed several Memphis events for this fall.
| Event | Memphis dates announced in December 2025 | What happened |
|---|---|---|
| IHRA Stock Car Series | October 17 | Not happening; IHRA canceled the rest of its Stock Car season |
| Midsouth Team Finals | October 15–18 | Not being held in Memphis; regional Team Finals were reported taking shape at other tracks |
| Sportsman World Finals | October 22–24 | Not being held in Memphis. Summit Motorsports Park in Norwalk, Ohio, is holding its own Sportsman World Finals October 22–24 |
| Outlaw Nitro | November 4–7 | Removed from the revised schedule, then IHRA canceled the rest of its 2026 Nitro series |
The Ohio event is Summit Motorsports Park's own. In August it was described as a backup in case IHRA didn't run its World Finals, and our research didn't confirm that IHRA sanctions it. Drag Illustrated reported that no IHRA drag race had been held anywhere since June 20, 2026.
What the Listing Is Selling
The auction listing tells you the most about where this site could go. Here's how it describes the property:
- 342 acres, billed as a "Large-Scale Development Opportunity"
- Airport adjacent, next to Charles W. Baker Airport
- Railroad adjacent, with "Added Logistics and Distribution Potential"
- A dragstrip described as 4,400 feet and "Partially Demoed"
- A three-quarter-mile oval that hosted multiple NASCAR events
- Existing utilities: water, gas, electric, and approved sewer access
- Access to I-40, I-269 and U.S. 51
- A conceptual plan for more than 4 million square feet of logistics space and more than 42 megawatts of potential power capacity
The listing does contradict itself in a couple of places. One section says "Commercial Zoning" and another says "heavy-industrial zoning." It also calls the strip both a 4,400-foot dragstrip and a quarter-mile strip. Hagerty notes that the complex historically included a 1.8-mile road course, but the listing's feature description never mentions one.
Put those details together and the listing reads as an invitation to more than one kind of buyer: racing operators, industrial developers, logistics companies, and investors. Its own summary names "motorsports, industrial, logistics, and investment uses." A concept plan is not an approval, though, and nothing in the materials reviewed shows a buyer lined up or any local government signing off on a new use.
How the Sale Works, and What's Still Unknown
All 12 tracks are offered on the same terms. The buyer pays a 10% premium on top of the winning bid and a 10% deposit, and closes within 30 days. Each property sells as-is with no contingencies, and none of the listings gives a reserve or guide price. The Memphis listing says the property can sell before the auction without notice and that pre-auction offers are welcome. So November 17 is the latest a deal could come together, and one could happen sooner. The seller wants all the sales done by the end of the year.
Several things are still open as of October 12:
- No new local statements. We found nothing from the City of Millington, Shelby County, or the Millington Area Chamber about the auction or the site's future since the October 6 announcement.
- IHRA's own future. The auction announcement didn't say what happens to IHRA as a sanctioning body. Its website still presents it as one.
- The site's jurisdiction. The property sits in unincorporated Shelby County, even though its mailing address is Millington.
Dates to Keep
- October 22–24, 2026. The Sportsman World Finals runs at Summit Motorsports Park in Norwalk, Ohio, not Millington.
- November 17, 2026, 5 p.m. Central. Sealed bids are due for 5500 Victory Lane, 36 days from today.
- By December 31, 2026. The seller's target for closing all 12 track sales.
The last time this property went to auction, in 2011, it sold for $2.06 million and stayed a racetrack until the venue closed in 2022. This time, the listing pitches warehouses and a racetrack to the same bidders.
I'm following the Victory Lane sale through the November 17 bid deadline, and I'm always glad to talk through what changes near the track could mean for northern Shelby County. Reach out to Teresa Ervin Realty and let's get a coffee.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
