The Portland Jaycees saw that the abandoned roads of Vanport had the potential to become a road race course and convinced the Rose Festival that they should sponsor a race during their annual celebration. The first Rose Cup races were held in June of 1961, starting a tradition that continues today. Soon after that first race both Go Kart and Motorcycle enthusiasts started race programs of their own with Drag Racers starting about four years later.

In 1965 the first drag races were held at PIR and the first Trans Am races in 1972. In 1978 IMSA came to Portland with the first GTP sports car race in the G.I. Joe's / Camel Gran Prix, followed in 1984 by CART with Indy Cars in the Freightliner / G.I. Joe's 200.

By 1970 the old asphalt of Vanport was in such poor shape that some of the sanctioning bodies would not sanction races at "West Delta Park." Because the very popular Rose Cup Races were threatened, the Rose Festival decided to do $100,000 worth of paving if the City would pay them back out of revenues from the racing events held there. The City accepted the offer feeling that the raceway would never be able to make the final payment.

Newly hired Racetrack Manager, Dale LaFollette, made the final payment on the loan after only two and one half years. Since that day Portland International Raceway has operated as an enterprise fund even though the first ten years were spent in the General Fund. Revenue sources consist of three major categories: rental, food concessions and advertising. PIR prides itself on being the most "user friendly" racing facility on the west coast with rates and charges 10% to 25% less than other, similar facilities.

The facility is owned and operated by the City of Portland through its bureau of Parks and Recreation. The raceway is operated as an Enterprise Fund, meaning that its operating expenses and capital improvements are covered by the revenues that it generates, as the raceway receives no general fund tax dollars. The raceway's varied, year round activities bring between 30 and 40 million dollars into the surrounding community each year.