NEWTON, Iowa — The sale of Iowa Speedway is nearing fruition.
The Newton City Council approved a pair of resolutions during a meeting that lasted less than four minutes on Tuesday evening. The two issues related to a development agreement for the seven-eighths-mile oval and a rental contract for the nearby airport property to be used as parking are a part of the proposed agreement for a potential new buyer of the track known at this point simply as Iowa Speedway LLC.
“City staff, the mayor and the council are fully aware of who the new entity is, and we are extremely pleased that this entity is interested in the Iowa Speedway,” said Newton Mayor Michael Hansen. “We’re looking forward to a fantastic, long and prosperous relationship with those folks.”
Hansen told the press on hand at the meeting that to respect the privacy of the new owners, their names will not be released at this time.
Iowa Speedway Communications Director Craig Armstrong addressed the secrecy of the process.
“It will be obvious at the time that it is revealed. I think everyone has been looking forward to that day,” Armstrong told the Newton Daily News. “I can’t really add anything more to that discussion. We want to maintain control of the discussion, and at the appropriate time, everything will come out.”
The Manatt family sold the track to Featherlite Trailers founder Conrad Clement in 2011 and 1989 NASCAR Sprint Cup Series champion Rusty Wallace has been a minority share owner of the track throughout its history.
Iowa Speedway is also expected to scale back its schedule from five weekends to three in 2014.
The sale is expected to be finalized in early December.