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Owners of Iowa Track Looking to Sell
The owners of the Iowa Speedway are planning to sell the track and assets to a new corporation, Newton City Council documents show.
The documents name Iowa Speedway L.L.C. as the new owner.
The Newton City Council will discuss the sale at a special meeting Tuesday at noon. The sale was mentioned in city council documents released Monday for the meeting.
"This gives the Citys consent for an existing development agreement with the US Motorsport Corporation to be assigned to a new ownership entity," reads the council's agenda. "Staff recommends approval of the attached Resolution."
The document said the "anticipated closing date of the transaction is on or about November 27, 2013." Little is known yet about who is behind the Iowa Speedway L.L.C. company.
The council documents said the terms of the agreements between the city and the new owners would be the same as the current ownership.
Owners of the Iowa Speedway have declined to comment on this story.
Newton Mayor Michael Hansen told KCCI's Laura Nichols that the development is "exciting," but he wouldn't elaborate.