Chinese-Owned Racetrack Sold to Utah Investment Group

Utah forced the divestiture of the Utah Motorsports Campus after a new state law prohibited foreign entities from owning certain land

Published on Feb. 25, 2026

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The Utah Motorsports Campus, previously owned by a Chinese company, has been sold to a Utah-based private investment group called PV3 Enterprises. This sale comes after the state of Utah passed a law prohibiting foreign entities from owning certain land, including the racetrack which was located near critical military testing areas. The state forced the previous Chinese owners, Mitime Group, to divest the property.

Why it matters

The sale of the Utah Motorsports Campus to a Utah-based company is seen as a win for national security, as the racetrack was previously owned by a Chinese company that was in violation of the new state law. The facility's proximity to sensitive military testing areas made its foreign ownership a concern for state officials.

The details

In January 2026, the Utah Motorsports Campus was sold by Mitime Group, a subsidiary of the Chinese conglomerate Geely Holding Group, to PV3 Enterprises, a Utah-based private investment group. This sale came after the state of Utah sent a letter to Mitime Group informing them that their ownership of the racetrack violated a recently passed state law prohibiting certain foreign entities from acquiring land in Utah. The law, sponsored by Utah House Rep. Candice Pierucci, required foreign entities to divest any property they currently held in the state. Utah Governor Spencer Cox stated that protecting the state's security footprint, and by extension America's security, was the motivation behind the law and the forced divestiture.

  • In January 2026, the Utah Motorsports Campus was sold by Mitime Group to PV3 Enterprises.
  • In February 2026, Utah Governor Spencer Cox announced the sale and discussed the state law that led to the divestiture.

The players

PV3 Enterprises

A Utah-based private investment group that has assumed ownership of the Utah Motorsports Campus.

Mitime Group

A subsidiary of the Chinese conglomerate Geely Holding Group that previously owned the Utah Motorsports Campus.

Spencer Cox

The Governor of Utah who stated that protecting the state's security footprint was the motivation behind the law that led to the forced divestiture of the racetrack.

Candice Pierucci

A Utah House Representative who sponsored the bill that prohibited certain foreign entities from acquiring land in Utah.

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What they’re saying

“Here in Utah we take national security very, very seriously. We have adversaries who are targeting our country and certainly targeting the state of Utah as well. When you're protecting the state of Utah's security footprint, we're also protecting America's security footprint.”

— Spencer Cox, Governor of Utah (Tooele Transcript Bulletin)

“Today we announced a major win for Utah! The state of Utah was finally able to force Mitime, a CCP-owned company, to divest the property they owned that was located right next to the Tooele Army Depot and the Utah Test and Training Range. UTTR is one of the most critical military testing areas in the United States, where we test advanced weapons systems.”

— Candice Pierucci, Utah House Representative (X)

What’s next

PV3 Enterprises has stated that they have decisions to make about the future of the Utah Motorsports Campus and will share more information as it becomes appropriate.

The takeaway

This case highlights the importance of state laws that protect national security interests by restricting foreign ownership of land near sensitive military sites. The forced divestiture of the Utah Motorsports Campus demonstrates Utah's commitment to safeguarding its security footprint and the broader national security of the United States.