The track’s current owner, US Motorsport Corporation, has experienced periodic financial difficulties in recent seasons, despite drawing sizeable crowds for NASCAR Nationwide Series (eight races) and NASCAR Camping World Truck Series (seven races) since 2009. Designed and partially owned by former NASCAR champion Rusty Wallace, the speedway has also hosted events for the IZOD IndyCar, ARCA and K&N Pro Series East and West Series since first opening its gates in 2006.
The ownership group will meet with the Newton, Iowa City Council Tuesday afternoon to discuss the sale of the speedway and its assets to an as-yet undisclosed group. The new owners have been identified in preliminary documents only as Iowa Speedway L.L.C.
The council is expected to approve the reassignment of various agreements governing operation of the track to Iowa Speedway L.L.C., and to approve the continued use of land owned by Newton Municipal Airport for parking during race events. The track will reportedly host only three race weekends next season; down from five in recent years.
An official announcement on the sale is expected after the upcoming Thanksgiving holiday.
