Iowa Speedway Sold

So we never found out who was buying Iowa? I assume it's SMI. The Iowa Speedway LLC means nothing. SMI has shell companies for all their tracks for tax purposes.
 
I'd imagine it's SMI. ISC said today that they aren't involved in the dealat all, and SMI refused to comment.
 
AndyMarquisLive said:
I said Bruton Smith is the reason the track is closed, and he is. You can try to blame it on NASCAR all you want which is fine. If North Wilkesboro had remained open the entire time with the standard basic maintenance, they'd have, at the least, a Truck Series and K&N Pro Series date. North Wilkesboro = closed with a price tag that's far far far above market value. Solely because Bruton wants it to remain closed. Because he knows one of his tracks could easily lose a Truck date if the place was reopened and repaired.
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I didn't say what happened at N.Wilks was all nascar's fault, or that Bruton and Bahre aren't responsible for the track closing, just that nascar is also responsible for what happened there along with Bruton and Bahre.

It's no secret nascar wanted to move races to other markets outside the mid-Atlantic region... See: Darlington.

nascar could have killed the moving of those races if it wanted to. They could have simply told Bruton and Bahre that Texas and Louden will not get a second race. nascar didn't do that because it wanted to move those races to other markets.

To say nascar had no choice, or had nothing to do with what happened at N.Wilks is simply not true.

A track owner doesn't get to decide what track gets a race. nascar does.
 
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gordonite said:
Yes, anyone that doesn't agree with you and says so is being an argumentative dick just for the sake of being one.

Why would Bruton... anyone spend millions on a track with the intentions of moving one of it races to another track before knowing if he would even be allowed to do that? He wouldn't. No one would.

But sure, nascar didn't have a choice in the matter and had absolutely nothing to do with N.Wilks losing it's races. lol
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He did it because those other tracks make much more money than N.Wilkesboro, a lot more!
 
KevinWI said:
So we never found out who was buying Iowa?
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Nope

Newton mayor Mike Hansen said city officials promised to protect the confidentiality of the dollars behind the deal before a meeting to transfer existing agreements for the speedway and adjacent airport.
At the same time, Hansen tried to maintain footing on the tight rope as he expressed confidence to any worried fans or taxpayers.
“I know enough about the new ownership people,” he said in his office, “that I’m extremely confident that Iowa Speedway will be successful for many years to come.”
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Full article on what happened yesterday can be found here.
 
Also.....

When we spoke to Rusty Wallace on Tuesday night, he said the new owners' names should be released Wednesday and another big Speedway announcement will be coming on December 12th.

from here
 
gordonite said:
I didn't say what happened at N.Wilks was all nascar's fault, or that Bruton and Bahre aren't responsible for the track closing, just that nascar is also responsible for what happened there along with Bruton and Bahre.

It's no secret nascar wanted to move races to other markets outside the mid-Atlantic region... See: Darlington.

nascar could have killed the moving of those races if it wanted to. They could have simply told Bruton and Bahre that Texas and Louden will not get a second race. nascar didn't do that because it wanted to move those races to other markets.

To say nascar had no choice, or had nothing to do with what happened at N.Wilks is simply not true.

A track owner doesn't get to decide what track gets a race. nascar does.
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Whatever dude. :rolleyes: It's all NASCAR's fault and Bruton Smith isn't the reason North Wilkesboro's closed because he cares truly and deeply about the sport. :rolleyes:

If Bruton Smith wanted any kind of racing at North Wilkesboro, it'd be there. He doesn't. The second the track was purchased, it was purchased with the intent to close it. The place was doomed - the second Bruton bought it.

And I'm supposed to sit here and believe he's going to come in, buy Iowa and get a Cup race there. Don't count on it. The new ownership group has already said there's going to be two less race dates at Iowa Speedway.
 
AndyMarquisLive said:
I said Bruton Smith is the reason the track is closed, and he is. You can try to blame it on NASCAR all you want which is fine. If North Wilkesboro had remained open the entire time with the standard basic maintenance, they'd have, at the least, a Truck Series and K&N Pro Series date. North Wilkesboro = closed with a price tag that's far far far above market value. Solely because Bruton wants it to remain closed. Because he knows one of his tracks could easily lose a Truck date if the place was reopened and repaired.
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if you haven't been looking the truck series has been scaled back and lost a few races so has nationwide even. The milwaukee mile races were never moved anywhere else. bruton is not worried about truck races or K&N races competing. Nascar wanted the races moved out of north wilksboro the wanted texas to get the dates. Texas was a market nascar wanted a presence in. they already had it in north carolina. Bruton is a smart businessman, it would be interesting to hear why he isn't wanting to sell the place off the record.
 
It's this simple - Bruton wants a second date for Las Vegas. When Dover closes in 2016 and 2017 after they lose their Chase date to Sonoma, that's a date that could go to Iowa. Bruton buys Iowa, petitions NASCAR to send that date to Las Vegas and, if he doesn't get his way, he closes Iowa.
 
Maybe Bruton is the one buying the track and maybe he is doing so because he can lure Cup there when Dover closes down. I'm just not ready to sing gospel and praise Bruton yet. We don't even know he's buying it.
 
ok what new race track anywhere in the country is thriving and bursting at the seams with fans?? why would bruton buy iowa when the track is already has trouble with finances with the races it does have. further why would he move a cup race there.
 
hidesert cowboy said:
ok what new race track anywhere in the country is thriving and bursting at the seams with fans?? why would bruton buy iowa when the track is already has trouble with finances with the races it does have. further why would he move a cup race there.
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The only way he'd move a Cup date there is if there's a guarantee already in place when Dover closes - which everyone knows will close after they lose their Chase date to Sonoma.
 
NASCAR Purchases Iowa Speedway

DAYTONA BEACH, Fla. (Nov. 27, 2013) – In a strategic move designed to expand its commitment to enhancing event experiences and fan engagement, as well as solidify the future of one of the premier racing and entertainment facilities in the Midwest, NASCAR announced today that it has purchased Iowa Speedway. The agreement, finalized today under a wholly-owned subsidiary, Iowa Speedway, LLC, is effective immediately.

“Iowa Speedway is a great entertainment facility with a very bright future,” said Eric Nyquist, NASCAR vice president, strategic development. “The facility has the support of the region, it’s positioned well in the heart of the Midwest, and year in and year out it provides great short-track racing action for motorsports fans.

“NASCAR ownership will allow us to draw on the entire resources of our company. It also provides us with the opportunity to execute first-hand a number of entertainment ideas and engagement opportunities with fans – much of which we have outlined repeatedly as the core of our Industry Action Plan.”

The facility, located 30 miles east of Des Moines in Newton, features a fast, .875-mile asphalt paved tri-oval designed by NASCAR Hall of Famer Rusty Wallace. The Speedway released its 2014 schedule earlier this month, encompassing three weekends, one each in May, July and August. The schedule will include two NASCAR Nationwide Series races, a combination NASCAR Camping World Truck Series and IndyCar Series weekend, plus two additional NASCAR K&N Pro Series support races. NASCAR has no plans for Iowa Speedway to host a NASCAR Sprint Cup Series race next year or in the immediate future.

NASCAR will host a special event in Des Moines on Thursday, Dec. 12, to outline additional details on the purchase and plans for the future. Information on this event will be announced soon.

The 2014 Iowa Speedway season opens May 17-18, with the NASCAR K&N Pro Series East versus West Challenge on Saturday night. The stars and cars of the NASCAR Nationwide Series then will battle on Sunday in a 250-lap, high-speed contest. The race marks the only Sunday afternoon event of the season at Iowa Speedway.

The new NASCAR Camping World Truck Series / IndyCar Series race weekend at Iowa Speedway is slated for July 11-12. The NASCAR Camping World Truck Series will race Friday night and feature short-track racing action that has become synonymous with the series in the American Ethanol 200. The first-ever Iowa Corn Indy 300 will follow on Saturday night.

On Friday, Aug. 1, a second NASCAR K&N Pro Series East versus West challenge race will be held followed by a second NASCAR Nationwide Series 250-lap event on Saturday under the lights.

Season ticket holders may renew their tickets for the 2014 season, and will have an exclusive right to secure their current seats until Dec. 14. All other seats are available for purchase immediately, with season ticket prices starting at $95. All season tickets will include a guaranteed seat location, complimentary Casey’s Fan Walk pass and an opportunity to participate in pre-race ceremonies. Season tickets, parking passes and onsite camping options are available online at www.iowaspeedway.com, or by calling the toll-free ticketing hotline, 866-RUSTY-GO (787-8946).

Iowa Speedway’s ticketing office, located at 3333 Rusty Wallace Drive in Newton, also will be open to assist customers from 9 a.m. to 5 p.m. Monday through Friday and 9 a.m. to 3 p.m. Saturday, holidays excepted.

2014 IOWA SPEEDWAY EVENT SCHEDULE
Saturday, May 17 – NASCAR K&N Pro Series East vs. West Challenge
Sunday, May 18 – NASCAR Nationwide Series
Friday, July 11 – American Ethanol 200, NASCAR Camping World Truck Series
Saturday, July 12 – Iowa Corn Indy 300, IndyCar Series
Friday, August 1 – NASCAR K&N Pro Series East vs. West Challenge
Saturday, August 2 – NASCAR Nationwide Series
About Iowa Speedway
Iowa Speedway, a state-of-the-art motorsports and entertainment facility, is located 30 miles east of Des Moines at I-80 Exit 168 in Newton, Iowa. The track was designed by NASCAR Hall of Famer Rusty Wallace, now an anchor and analyst for ESPN. Call 1-866-RUSTY-GO, or visit www.iowaspeedway.com to learn more.

About NASCAR
The National Association for Stock Car Auto Racing, Inc. (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States. NASCAR consists of three national series (the NASCAR Sprint Cup Series™, NASCAR Nationwide Series™, and NASCAR Camping World Truck Series™), four regional series, one local grassroots series and three international series. The International Motor Sports Association (IMSA) governs the TUDOR United SportsCar Championship™, the premier U.S. sports car series. Based in Daytona Beach, Fla., with offices in eight cities across North America, NASCAR sanctions more than 1,200 races in more than 30 U.S. states, Canada, Mexico and Europe. For more information, visit www.nascar.com and follow NASCAR at www.facebook.com/NASCARand Twitter: @NASCAR.
 
Well, now we know why those city council members were so smug yesterday.

Is this a real strategic shift in Nascar strategy? Or is this like when the NHL bought the Phoenix Coyotes? NHL lost $110M since 2009 keeping the Phoenix franchise alive and in Phoenix.

This is interesting. This goes against what seems to have been Nascar's strategy for the past 20 years -- focusing on tracks near major, big city metros. 30 miles outside of Des Moines ain't exactly bright lights, big city. It is the closest track to Minneapolis, I guess, a market under-served by Nascar.
 
Welp...didn't see that coming. It's just a matter of time before Iowa is on the Cup schedule now. Iowa needs money to expand and NASCAR has it.

Jim-Carey_Excited.gif
 
So Nascar is saying this is a one-off situation. Iowa Speedway clearly was in deep financial distress. Nascar, probably didn't want to see a new track go down in flames so quickly. That's bad PR for the sport. It's one thing for old tracks to shut down. It's another for an almost brand new track like Iowa Speedway to implode less than a decade after opening, and with everything but a Cup date going for it.

From Des Moines Register article:
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And, (Nascar Spokesman) Higdon stressed, this was a unique buying opportunity that came about when Iowa Speedway – a well-regarded track by drivers and fans alike – disclosed financial troubles that the Register first reported in early September.

Iowa Speedway, it seems, is now NASCAR’s new baby. Higdon said NASCAR has been working on it for several months, with representatives funneling in and out of Iowa.

“We have no intentions to purchase other tracks,” Higdon said. “This isn’t the first of many. This is a unique situation.”
 
why would nascar buy it instead of ISC?? wonder if a martinsville race could be in jeopardy???
 
Iowa is a hell of a track. New, well designed, the drivers love it, and it probably was a good bargain. Now, it will get a good shot of money for maintenance and upgrades.
 
I'm not quie understanding the difference between ISC or NASCAR purchasing this track. Makes no difference I guess since NASCAR decides what tracks can host races. Nothing really changes here. In order to host a Cup date there is going to be a date given up elsewere.
 
dpkimmel2001 said:
I'm not quie understanding the difference between ISC or NASCAR purchasing this track. Makes no difference I guess since NASCAR decides what tracks can host races.
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They are separate legal entities that both happen to be owned by the France family. As for what the distinction means, no clue here either. Difference of opinion between Brian and Lisa? Trying to avoid antitrust cases? No idea what it means.
 
KevinWI said:
They are separate legal entities that both happen to be owned by the France family. As for what the distinction means, no clue here either. Difference of opinion between Brian and Lisa? Trying to avoid antitrust cases? No idea what it means.
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Lisa is getting to remodel Daytona, so Brian had to have something. :rolleyes:
 
I wish somebody would reopen Wilkesboro, I only live a few minutes away. That'd be nice....
 
blanston said:
I wish somebody would reopen Wilkesboro, I only live a few minutes away. That'd be nice....
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Last people who tried to open it learned the hard way. First problem is the cost. Second problem is repairs and upgrades. Third problem is getting the fans to show up. PASS, which raced there in 2010, is probably the only thing that could get a crowd there.
 
KevinWI said:
They are separate legal entities that both happen to be owned by the France family. As for what the distinction means, no clue here either. Difference of opinion between Brian and Lisa? Trying to avoid antitrust cases? No idea what it means.
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france's own 100% a' nascar. only 35% a' isc...tho controllin interest.
does penske own isc shares now ?

funny deal.....prolly legal or tax issue ?
 
France family giving 100%. They get 100% of the profits or the loss. They took great pains with their spokesman to reassure everybody they aren't in competition with the ISC..eh? Like there are a whole bunch of tracks to buy out there that are large enough for a Nascar event anyway. So you have Nascar(France family) who are part owners of ISC buying a track? Wonder if they gave ISC the first shot. Doubt it, they snatched that baby up.


“We have no intentions to purchase other tracks,” Higdon said. “This isn’t the first of many. This is a unique situation.”
 
Des Moines Register reports that Iowa Speedway was sold for only $10M.
http://www.desmoinesregister.com/vi...wa-Speedway-reportedly-sold-for-10M-to-NASCAR

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Citing property tax figures received from the Jasper County Record, the Newton Daily News reported that NASCAR paid approximately $10 million when it bought the seven-year-old track from the Clement family. The sale was an unprecedented move for stock car racing’s sanctioning body.

Iowa Speedway will be the first racetrack owned and operated by NASCAR.

The Clements, who founded Cresco-based Featherlite Trailers, purchased the speedway in 2011 from Iowa-based Manatt’s Inc., according to court records, for just more than $19 million.

The original estimate of the track's worth when it was built was $70 million.
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So .. built in 2006 for $70M, sold in 2011 for $20M, then sold again in 2013 for $10M.

That's grim. And that's for a track that had everything but a Cup date. In 2013 they had two Nationwide races, two Trucks races, and an IndyCar race. Plus two K&N East/West races.
 
Kyle18fan said:
I hear a lot of people talking about that track, it must be a cool place
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Actually, there's nothing special about the surrounding town. In fact, it's a fairly wretched place - a Meth capital. I suppose there are some redeeming qualities - the community college is good....
As someone else said at some point - there really is no infrastructure in place to handle a modern day Nascar event.
I guess the real reason I want it back is because it's a short track very close by.

Maybe I'll buy it when I win the lottery and fix it up.
 
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