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.
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: 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 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: 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.
June 2019: Fastest Lap Records
As of June 2019, the fastest official race lap records at Iowa Speedway were established.
2020: IndyCar Doubleheader
Due to the COVID-19 pandemic, IndyCar opted for a doubleheader format for its 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.
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.
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.
