In January 2001, Jerry Carroll abandoned the plan to develop the Iowa Speedway, and Jerry Lowrie replaced Carroll.
In the fall of 2002, Vision Iowa rejected funding for the Iowa Speedway project.
On April 16, 2003, the Newton City Council unanimously approved a proposed project for a multi-use racing facility headed by the U.S. MotorSport Entertainment Corporation.
In 2003, the Paul Schlaack-owned U.S. Motorsport Entertainment Corporation made a bid to build a shorter racing facility at Iowa Speedway.
In June 2004, construction was delayed due to a lack of funds for the Iowa Speedway project.
Throughout 2004, there was a delay in construction at Iowa Speedway due to a perceived lack of funds.
In February 2005, progress on the Iowa Speedway project resumed as developers announced they had gathered enough funds.
In October, with the city now investing a planned $17.3 million there were stated hopes of opening the Iowa Speedway in 2005.
By April 2006, developers stated hopes of expanding the Iowa Speedway area to include a water park and a hotel.
According to a 2006 Autoweek report, Iowa Speedway constructed 28 luxury suites.
By February 2005, the opening year for the Iowa Speedway was delayed until 2006.
In 2006, the Indy Racing League announced their intentions to run annual IndyCar races at Iowa Speedway.
In June 2006, Iowa Speedway was rumored to hold an Indy Racing League (IRL) race weekend for 2007; the report was confirmed in August.
In late February 2008, Jerry Jauron replaced Stan Clement as the track's president of Iowa Speedway.
From 2009, the track also hosted the Xfinity Series and Craftsman Truck Series events.
From 2012, the track hosted a second Truck Series race with the Fan Appreciation 200.
Until 2013, the track hosted a second Truck Series race with the Fan Appreciation 200.
In February 2018, David Hyatt replaced Jimmy Small as the president of Iowa Speedway.
Until 2019, the track also hosted the Xfinity Series and Craftsman Truck Series events.
In 2020, as a result of the COVID-19 pandemic, IndyCar opted to run a doubleheader at Iowa Speedway.
In 2020, due to the COVID-19 pandemic, Iowa Speedway's races were either canceled or run with fewer spectators.
By 2019, Hyatt claimed that Iowa Speedway had high chances of being awarded a Cup Series date in 2021.
In 2022, IndyCar decided to stick with the doubleheader format when the series resumed racing at Iowa Speedway.
In August 2021, IndyCar announced its return to Iowa Speedway in 2022, with a doubleheader event.
According to a 2023 report by The Des Moines Register, Iowa Speedway holds 30,000 seats.
In February 2024, Eric Peterson was appointed to replace David Hyatt as the track's president of Iowa Speedway.
As of July 2024, the fastest official race lap records of the Iowa Speedway are listed.
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