SBD/November 27, 2013/Facilities

Iowa Speedway Purchase Finalized, But Buyers In Ownership Group Remain Unknown

An announcement on the identities of the speedway buyers is expected soon
The Newton (Iowa) City Council on Tuesday voted to "transfer existing agreements between the City of Newton and US Motorsports Corporation to still undisclosed new owners," which are "known as Iowa Speedway, LLC," according to Steve Woodhouse of the Knoxville JOURNAL-EXPRESS. Newton Mayor Mike Hansen said that he, council members and staff "know who is behind the new LLC." He added that "no one would entertain questions as to who the new owners are." Hansen said, "We want them to be in control of that announcement." Iowa Speedway Communications Dir Craig Armstrong said that an announcement "would be coming soon" (Knoxville JOURNAL-EXPRESS, 11/27). In Des Moines, Bryce Miller writes Hansen "tried to maintain footing on the tight rope as he expressed confidence to any worried fans or taxpayers." Hansen said, “I know enough about the new ownership people that I’m extremely confident that Iowa Speedway will be successful for many years to come.” Int'l Speedway Corporation (ISC) "often has been considered a contender to jump into the Iowa market," but ISC Senior Dir of PR Lenny Santiago said that his group is "not behind the sale." Santiago: “We’re not the ones involved in the deal." However, Miller notes removing ISC from the equation "does not necessarily remove the France family." But whoever steps in "will face some financial mop-up." Speedway officials confirmed in early September the track "faced financial challenges, including timely payments to vendors, and was seeking new financing and partners" (DES MOINES REGISTER, 11/27).
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