Nov 25, 2013, 6:00 PM EDT
The U.S. Motorsport Corporation is planning to sell the 7/8-mile Iowa Speedway in Newton, Iowa according to NBC affiliate WHO-TV in Des Moines. Iowa Speedway currently hosts the NASCAR Nationwide Series, NASCAR Camping World Truck Series, and IndyCar Series.
WHO-TV reports that the company will sell to an undisclosed buyer – only known as “Iowa Speedway, LLC” in documents given to Newton City Council members. The Council will hold a special meeting tomorrow to vote on approving the terms.
The news comes more than two months after the track’s CEO, Doug Fritz, resigned. At that point in time, The Des Moines Register also was reporting that the track was behind on some vendor payments.
In 2011, the Manatt family sold the U.S. Motorsports Corporation to the family of Featherlite Trailers founder Conrad Clement. NASCAR legend and track designer Rusty Wallace remained involved as a minority owner through the exchange.
Iowa has earned praise for its short-track brand of racing, but has had to reduce its schedule from five major weekends this past season to three for 2014. The NNS will visit twice next May and August, while the Trucks and the IndyCars will pair up next July.