History of Iowa Speedway in Timeline

Iowa Speedway, a 7/8-mile oval short track located in Newton, Iowa, has been hosting various racing events since 2006. NASCAR and IndyCar are among the notable organizers of events held at this venue. Purchased by NASCAR in 2019, the speedway is currently under the leadership of President Eric Peterson and conveniently situated near Interstate 80.

November 2000: Initial Proposal by Jerry Carroll

In November 2000, Jerry Carroll proposed a $76 million project to build a 1-mile track in Newton, Iowa. The proposal sought significant funding from bonds and the Vision Iowa program.

January 2001: Carroll Abandons Proposal

In January 2001, Jerry Carroll abandoned his proposal for Iowa Speedway to focus on developing the Kentucky Speedway.

2002: Vision Iowa Funding Rejection

In 2002, Vision Iowa leaders rejected funding for the Iowa Speedway project due to insufficient proof of full commitment from investors.

April 16, 2003: Approval of Multi-Use Facility

On April 16, 2003, the Newton City Council approved a $30 million project for a multi-use racing facility, led by the U.S. MotorSport Entertainment Corporation.

2003: Bid to Build Shorter Track

In 2003, the U.S. Motorsport Entertainment Corporation, owned by Paul Schlaack, made a bid to build a shorter track at Iowa Speedway.

2004: Construction Delay Due to Funds

In 2004, construction of the Iowa Speedway was delayed due to a lack of funds for the now-$50 million project.

2004: Funding Delay

In 2004, the construction of Iowa Speedway was delayed due to a perceived lack of funds.

February 2005: Funding Secured for Project

In February 2005, developers announced they had secured enough funds for Iowa Speedway, with a budget increase to $70 million and a new opening date set for 2006.

June 21, 2005: Groundbreaking Ceremony

On June 21, 2005, the groundbreaking ceremony for Iowa Speedway was held. The project was seen as a potential economic boost for the city of Newton.

2005: Plans for Opening

In 2005, plans were made for the Iowa Speedway to open, with NASCAR driver Rusty Wallace announced as the main designer.

2005: Groundbreaking Commenced

In mid-2005, groundbreaking for Iowa Speedway commenced, leading to the eventual completion and first races in 2006.

April 2006: Expansion Plans Announced

In April 2006, developers announced hopes to expand the area around Iowa Speedway to include a water park and a hotel.

September 15, 2006: First Race Event

On September 15, 2006, Iowa Speedway hosted its first race event, a Hooters Pro Cup Series race.

September 2006: First Races Held

In September 2006, Iowa Speedway held its first races, marking the operational debut of the facility.

2006: Bill Approval and Support

In 2006, Iowa Governor Tom Vilsack approved a ten-year sales tax break bill to support Iowa Speedway, with a promise of up to $57 million in funding from UBG Financial Corporation.

2006: Construction of Luxury Suites

In 2006, Iowa Speedway constructed 28 luxury suites as part of its facility enhancements.

2006: Inaugural Season of Racing

In 2006, Iowa Speedway had its inaugural season of racing, marking the beginning of its history as a venue for various racing events, including those sanctioned by NASCAR and IndyCar.

2006: IndyCar Series Announcement

The Indy Racing League (IRL), later known as the IndyCar Series, announced its plan to hold annual races at Iowa Speedway.

2007: IRL Race Confirmed

In 2007, Iowa Speedway confirmed that it would host an Indy Racing League (IRL) race weekend.

2007: First IndyCar Races

The first IndyCar Series races took place at Iowa Speedway.

February 2008: New Track President

In February 2008, Jerry Jauron replaced Stan Clement as the president of Iowa Speedway.

2009: Annual NASCAR Races Awarded

In 2009, Iowa Speedway was awarded annual NASCAR races, including events from the NASCAR Nationwide Series and Craftsman Truck Series.

2009: NASCAR Xfinity and Truck Series Races Begin

Iowa Speedway held its first NASCAR Xfinity Series race, the U.S. Cellular 250, and its first NASCAR Truck Series race, the M&M's 200.

2011: Hy-Vee PERKS 250 Debut

The Hy-Vee PERKS 250, a NASCAR Xfinity Series race, debuted at Iowa Speedway.

2013: NASCAR Purchase

In 2013, NASCAR purchased Iowa Speedway to save the facility from financial issues, ensuring its continued operation.

2013: Financial Troubles and Sale

In 2013, the Iowa Speedway faced financial difficulties, including late bill payments, leading to the resignation of Doug Fritz, the senior director of marketing. The track was then sold to NASCAR for $10 million, with Jimmy Small taking over leadership.

February 2018: New President and Expansion Plans

David Hyatt became president of Iowa Speedway in February 2018, replacing Jimmy Small. Hyatt aimed to expand the facility and attract a NASCAR Cup Series race, including the All-Star Race.

June 2019: Fastest Lap Records

As of June 2019, the fastest official race lap records at Iowa Speedway were established.

2019: NASCAR Ownership

In 2019, NASCAR acquired ownership of Iowa Speedway, adding it to their list of owned facilities. Eric Peterson was appointed as the track's president.

2019: End of NASCAR Xfinity and Truck Races

Iowa Speedway hosted its last NASCAR Xfinity Series races, the Hy-Vee PERKS 250 and U.S. Cellular 250, as well as the M&M's 200 NASCAR Truck Series race.

2020: IndyCar Doubleheader

Due to the COVID-19 pandemic, IndyCar opted for a doubleheader format for its races at Iowa Speedway.

2020: Cancellation of NASCAR Races

NASCAR canceled the Xfinity Series and Truck Series races at Iowa Speedway.

2020: Pandemic Impact and Rumors

The COVID-19 pandemic in 2020 forced Iowa Speedway to cancel races or hold them with limited spectators. Rumors circulated about potential financial troubles, a possible sale to Roger Penske, and even closure, though former general manager Craig Armstrong denied the closure rumors.

July 2021: Reopening and Low Attendance

Iowa Speedway reopened at full capacity in July 2021 with the ARCA Menards Series race but faced concerns about future events due to low attendance of around 5,000.

2021: Potential Cup Series Date

By 2021, David Hyatt, president of Iowa Speedway, expressed optimism about securing a NASCAR Cup Series date for the track.

2021: Removal of NASCAR Races from Schedule

NASCAR removed the Xfinity Series and Truck Series races from the Iowa Speedway schedule.

2022: IndyCar Return and Doubleheader

In 2022, IndyCar returned to Iowa Speedway with a doubleheader event, continuing the format adopted during the pandemic in 2020.

2022: Continuation of Doubleheader Format

IndyCar continued the doubleheader format for its races at Iowa Speedway.

October 2, 2023: NASCAR Cup Series Announcement

Reports emerged on October 2, 2023, suggesting that NASCAR was considering Iowa Speedway for a Cup Series race in 2024, potentially replacing a planned event at Circuit Gilles Villeneuve.

2023: Track Features and Capacity

As of 2023, Iowa Speedway has a seating capacity of 30,000. The complex includes seven road course layouts, such as a 1.3-mile 'roval' that combines parts of the main track and the infield road course.

2023: Track Capacity and Features

In 2023, Iowa Speedway was reported to hold 30,000 seats, with additional temporary suites developed for IndyCar races by Hy-Vee.

February 2024: New Track President

Eric Peterson, a NASCAR regional director for corporate sales, was appointed as the new president of Iowa Speedway in February 2024, succeeding David Hyatt.