John,
I can certainly own the business without owning the land it sits on. I have no inside knowledge of the NHRA agreement except that I understand it is long term. NHRA would have never made the investment to build the facility as it is today if they were going year to year. And long term lease deals that I have been involved with there has always been some type of agreement that if the lease is cancelled the land owner will reimburse the cost of permanent improvements.
If I lease a lot and build a shop then you cancel my lease, you have to buy the building from me. If I can take it with me that's different, but permanent improvements are not just walked away from. At least not in my personal experience.
The relationship between Charlie and the tribe is a different deal, the point being that Charlie owned the business.
Alan