SPEEDWAY SOLD: Newton’s NASCAR Gets Cash Infusion

The Iowa Speedway in Newton will soon have new owners.

US Motorsport Corporation will sell the track and its properties to an undisclosed buyer. The new company is identified in documents provided to city council members only as Iowa Speedway L.L.C.

Racing legend Rusty Wallace designed the state-of-the-art track and also became part-owner. Wallace hasn’t responded to a request to find out whether he will have any role in the new company.

The Newton City Council will vote to approve terms of the change at a special meeting Tuesday at noon. The Speedway has struggled financially at times to pay vendors and secure financing for expansion. It has also had ownership and key leadership changes since it opened in 2006. The Speedway also announced it would reduce its racing weekends from 5 to 3 next season.

The new owners are not expected to be present at Tuesday’s council meeting. Channel 13 has confirmed a news conference scheduled for 1p.m. at the Iowa Statehouse rotunda on December 12th. The new owners are expected to be represented there and release details of some future┬áplans for the Speedway.

10 comments

  • Rhonda

    I am not surprised of this new development. We are neighbors of the Iowa Speedway. We were so against this project from the beginning. But when the project went ahead full steam we decided to be good neighbors, and hope for the best. We hope the new owners will be better managers than what the racetrack has had in the past.

  • Trevor

    I think the track has been a joke from the get go. I love nascar and would love to have Nascar in Iowa. But they need someone that knows what they are doing running it. Or it won’t ever be Nascar.

  • Troy Hendrickson

    Sprint Cup was never even close to coming to Iowa. NASCAR made that clear after local interests tried to get their hands into the tax payer’s pockets for the track trying to say it would get a Sprint event.

    Now watch, the new company will demand tax money or threaten to shut it down.

  • James

    Regardless of new ownership nothing is really changing here people. IndyCar is contracted for at least another 3, possibly 4 or 5 years which is their marquee event. What you will most likely change is not having the East/West junior-tier Nascar type races and development series coming to Iowa. While that is a shame for some, overall the prime races will still occur. I haven’t made it to the Indy race the last couple years, but plan on it this season.

  • Fred Ver Schuure

    Well lets see, the manatts borrowed over 50 MILLION then sold for 20 million, and the NEW owners are going to pay less than 20 million and I would imagine that the assessed value will be lowered from the present 40 million to closer to the new purchase price

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