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SPEEDWAY SALE: Mystery Surrounds New Owner

Posted on: 12:27 pm, November 26, 2013, by , updated on: 06:19pm, November 26, 2013

The Newton City Council unanimously approved transferring ownership from U.S. Motorsport Corp. to a new company Tuesday. Members still refused to say who that company is. Documents given to council members identify the new group only as Iowa Speedway L.L.C.

Monday, Channel 13 learned the financially troubled track is being sold.

Tuesday’s council meeting lasted just 3 minutes, 5 seconds. Mayor Mike Hansen told the audience after the council approved financial and lease terms of the sale that he, the council and city staff know the identity of the owners. But Hansen maintains they can’t publicly reveal the owners yet.

Hansen said, “Out of respect for the new ownership and their request, we can’t reveal who they are. And we won’t entertain any interviews that will go down that line of questioning.”

The sale is expected to be completed by Wednesday.

3 comments

  • Why the silence/Hush, hush about who the new owners are??
    Sounds like a night-mare to me.
    I’m gonna tell ya right now!
    It’s not gonna go.
    Cedar Rapids has a better chance of getting the support of the casino back there, cause we still have factory jobs running.
    Newton has disappeared, like Detroit!!
    It ain’t gonna happen & if it does, it won’t last!!!

  • Next up, going to the state and begging for money from the tax payers…

  • Troy V says:

    Since the new owners plan their official press conference on Dec 12 @ the Statehouse (per published reports and WhoTV), I’m sure they’ve already been asking for $$$ from the Governor and the Statehouse…..

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