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CEO RESIGNS: Iowa Speedway Shake-Up

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There's been a shake-up at the Iowa Speedway in Newton.

Craig Armstrong, a spokesperson for the track says CEO, Doug Fritz, resigned last month to pursue an opportunity out east.  Stan Clement will fill Fritz's role, while remaining president of the Speedway.

From its inception, the Iowa Speedway has encountered bumps in the road.

First, investors struggled to secure financing to build the track.  Then, in-fighting between investors lead to a lawsuit, recently settled out of court.  Now, sources say the Iowa Speedway, which is owned by USMC Corp., is facing financial difficulties and owes vendors hundreds of thousands of dollars.

Earlier this year, the Iowa Legislature turned down a request from the Iowa Speedway to provide $8 million in funding to expand the track to allow sprint car racing.  And it's not the first time the Speedway has asked for assistance.

In 2006, it received $12.5 million dollars in tax incentives from the state.  It also received $3.3 million in economic development grants from the city of Newton.

Armstrong refused to discuss finances or release attendance numbers for this year's races.  He did tell us the Nationwide race on August 3 was a sell-out.

Conrad Clement, the chairman of the board, says the "Speedway has a very bright future ahead and we are looking forward to another outstanding year in 2014."

He adds, the race schedule is currently being assembled.