Iowa Speedway, located in Newton, Iowa, is a notable oval short track that has been a hub for various racing events since its opening in 2006. The track's development and ownership journey is a tale of ambition, financial challenges, and strategic acquisitions. This article delves into the history of Iowa Speedway, highlighting the key milestones and ownership transitions that have shaped its current status.
Early Proposals and Construction
The idea of building a racing track in Newton,
Iowa, was first proposed in the early 2000s. Businessmen Jerry Lowrie and Larry Clement initially aimed to construct a 1-mile track, but their plans fell through due to financial constraints. In 2003, the U.S. Motorsport Entertainment Corporation, led by Paul Schlaack, proposed a shorter track. Despite initial delays due to funding issues, groundbreaking for the track finally took place in June 2005.
The construction of Iowa Speedway was completed in 2006, with the track officially opening on September 15 of that year. The facility was designed as a 0.875-mile oval track, featuring a unique combination of banking angles to enhance racing dynamics. The track's construction cost was approximately $70 million, a significant investment aimed at establishing a premier racing venue in Iowa.
Ownership Transitions
Since its opening, Iowa Speedway has experienced several ownership changes. Initially owned by the U.S. Motorsport Entertainment Corporation, the track faced financial difficulties that led to its sale. In 2011, the Clement family, a local family from Newton, acquired controlling interest in the facility. This transition was part of a strategic plan to stabilize the track's financial situation and ensure its continued operation.
In 2013, NASCAR purchased Iowa Speedway for $10 million, a move that marked a significant turning point in the track's history. The acquisition by NASCAR was aimed at securing the track's future and integrating it more closely with NASCAR's racing events. Under NASCAR's ownership, the track has continued to host a variety of racing events, including NASCAR and IndyCar series races.
Current Status and Future Prospects
As of 2023, Iowa Speedway remains under the ownership of NASCAR, with Eric Peterson serving as the track's president. The facility boasts a seating capacity of 30,000 and features additional road course layouts for diverse racing events. Despite past financial challenges, the track has maintained its status as a key venue for motorsport events in the United States.
Looking ahead, Iowa Speedway is poised to continue its legacy as a premier racing destination. With ongoing support from NASCAR and a dedicated management team, the track is well-positioned to host major racing events and attract motorsport enthusiasts from across the country. The story of Iowa Speedway is a testament to resilience and strategic vision in the world of motorsport.
