Iowa Speedway

In November 2000, Kentucky Speedway developer Jerry Carroll proposed plans to the Jasper County board of supervisors to build a $76 million, 40,000-seat, 1 mile (1.6 km) track in Newton, Iowa. Carroll sought $30–40 million in county bonds and up to $35 million from the Vision Iowa state economic growth program. By January 2001, Carroll abandoned the plan to focus on the Kentucky Speedway. California businessman Jerry Lowrie then took over but declined to seek county bonds. The project drew support from Newton mayor David Aldridge, though residents near the proposed site opposed it on nuisance grounds.

Approval from Vision Iowa was considered critical, with developers seeking $20 million. By August, available Vision Iowa funding fell below the required amount, and Lowrie abandoned the project to focus on a California speedway. Race team owner Larry Clement then assumed leadership. Although Clement claimed by October to have $7–10 million in commitment from anonymous investors, Vision Iowa refused, demanding the investors' identities be disclosed. Funding was rejected by fall 2002.

On April 16, 2003, the Newton City Council unanimously approved a proposed project for a $30 million, 7/8 mile (1.4 km), 25,000-seat, multi-use racing facility headed by the U.S. MotorSport Entertainment Corporation and its CEO, Paul Schlaack. The facility was planned near Interstate 80. In June, NASCAR driver Rusty Wallace was announced as the leading designer. Schlaack unveiled plans in October with the city now investing a planned $17.3 million and hopes of a 2005 opening. Groundbreaking planned for spring 2004 was delayed in June due to a lack of funds for the now-$50 million project.

In February 2005, developers announced sufficient funds had been gathered; the budget had grown to $70 million and opening was delayed to 2006. Developers sought a ten-year sales tax break bill, the first such bill proposed in Iowa. The Iowa General Assembly gave it bipartisan support, and then-Governor Tom Vilsack signed it on May 4. The Georgia-based UBG Financial Corporation promised to lend up to $57 million, though this was met with skepticism. Groundbreaking was held on June 21, 2005.

The facility was viewed as a critical economic lifeline for Newton after its largest employer, Maytag, began major layoffs and ultimately closed its Newton factory in May 2006. Todd Melfi was appointed general manager in August 2005. Racing dates for the 2006 season were confirmed in mid-October with ARCA Re/Max Series and United States Auto Club (USAC)-sanctioned events. A Hooters Pro Cup Series race was scheduled to christen the facility on September 15, 2006. Developers secured a $40 million loan from Wells Fargo in replacement of UBG Financial. By April 2006, developers stated hopes of expanding the area to include a water park and hotel. In June 2006, the facility was rumored to host an Indy Racing League (IRL) race for 2007; confirmed in August.

The speedway is measured at 7/8 mile (1.4 km) by NASCAR; IndyCar measures the track at 0.894 miles (1.439 km). The track features 10 degrees of banking in the frontstretch, four degrees in the backstretch, and a progressive banking system from 12 to 14 degrees in the turns. Along with the main oval, the complex includes seven road course layouts. These include a 1.300 mi (2.092 km) "roval" combining parts of the main track with a dedicated infield road course. In 2006, the track constructed 28 luxury suites; in recent years, Hy-Vee developed extra temporary suites for IndyCar races.

The facility opened on September 15, 2006, with Woody Howard winning the first race. Excessive tire wear marred the race and its preliminary sessions, requiring mandatory competition cautions. Three weeks later, the facility held its first music festival. In 2007, the facility held its first IRL race, with Dario Franchitti winning. In late February 2008, chief financial officer Jerry Jauron replaced Stan Clement as the track's president.

In 2008, the facility was awarded annual NASCAR races for 2009, with the NASCAR Nationwide Series (now known as the NASCAR Xfinity Series) and the NASCAR Craftsman Truck Series. Three years later, U.S. MotorSport Entertainment sold controlling interest to the Clement family. Jauron left in September, handing control to Doug Fritz, the senior director of marketing for NASCAR.

In 2013, the track sought an $8 million grant from the Iowa General Assembly to improve amenities but failed. The same year, the track was found to be in financial trouble, with late bill payments. Fritz resigned, and the track sought a refinancing deal. In November 2013, The Des Moines Register reported the facility had been sold to NASCAR for $10 million, with Jimmy Small taking over leadership.

Following the purchase, NASCAR chairman Brian France stated hopes for the facility to host a Nationwide Series version of the NASCAR All-Star Race, while stating he was not interested in giving the facility a Cup Series date as the schedule was "full". In February 2018, David Hyatt, the former president of the Motor Racing Network (MRN), replaced Small as president. Hyatt stated hopes of expanding the facility and obtaining a NASCAR Cup Series weekend, particularly the NASCAR All-Star Race. By 2019, Hyatt claimed Iowa Speedway had high chances of being awarded a Cup Series date in 2021.

Due to the COVID-19 pandemic, the track's 2020 races were either canceled or run with fewer spectators. By mid-2020, journalist Robin Miller reported rumors that Roger Penske hoped to buy the facility. Rumors also circulated that the track would close. Former general manager Craig Armstrong denied the closure rumors, stating the situation was a "temporary setback" and that the track would continue club racing events. When the track reopened to full capacity in July 2021 for the ARCA Menards Series, attendance was reported at 5,000. A month later, IndyCar announced its return in 2022 with a doubleheader event.

On October 2, 2023, reports by The Athletic indicated that NASCAR, having failed to secure a Cup Series weekend at the Circuit Gilles Villeneuve for 2024, chose Iowa Speedway as a backup option. This was confirmed the next day, and the facility held its first Cup Series races since opening. In February 2024, Eric Peterson, a NASCAR regional director for corporate sales, was appointed to replace Hyatt as track president.

Iowa Speedway hosts an annual NASCAR weekend featuring the NASCAR Cup Series Iowa Corn 350 and the NASCAR Xfinity Series Hy-Vee PERKS 250. From 2009 to 2019, the track also hosted the Xfinity Series and Gander Outdoors Truck Series events. From 2012 to 2013, the track held a second Truck Series race called the Fan Appreciation 200.

The Indy Racing League (now the IndyCar Series) announced intentions to run annual races at the facility in 2006, with the first races in 2007. In 2020, IndyCar ran a doubleheader at the facility; IndyCar continued with the doubleheader format when the series resumed at the facility in 2022.

The facility has also hosted the ARCA Menards Series, the Rolex Sports Car Series, the Pro Mazda Championship, and the USF2000 Championship.

This article is based solely on the supplied corpus. No external sources were consulted; claims that could not be substantiated against the corpus were omitted under the drop-the-claim rule.