SPEEDWAY SALE: What It Means To Local Economy
The Iowa Speedway has a new owner, and that could have a ripple effect on the local economy.
The Speedway was purchased by NASCAR, ending weeks of speculation. But it’s not clear what changes NASCAR plans for the track just yet. A sprint cup series is not in the cards though, in part because NASCAR has already signed television deals with Fox and NBC for 36-cup points races through 2024.
However, local leaders believe the purchase will help local business.
“Outstanding news. We couldn’t be more pleased,” says Newton mayor Michael Hansen. “If there had to be a sale occur at the Iowa Speedway, what better corporation to assume ownership than NASCAR? It’s fantastic.”
Iowa Speedway’s Craig Armstrong puts the economic impact at $60-million a year.
“That’s a big thing for the entire state of Iowa,” Armstrong says. “Whether you’re a race fan or not that kind of major entertainment source that’s a magnet for tourism right here in Iowa, that’s gonna continue.”
Several vendors had complained that they were owed money by the Speedway. No word whether those vendors will be paid through NASCAR.
A spokeswoman for NASCAR did not return our calls for comment.