The Clement family has become the new principal owners of the Iowa Speedway track in a multi-millon dollar deal.

U.S. Motorsports Corporation, the holding company that owns the track, was purchased by Conrad Clement, along with his brother Stan and sons Tracy and Eric. The financial terms of the deal have not been disclosed, although the track was valued at US$44million in 2009. The family has already announced that they will be retaining the services of all staff members.  

“My family has a 20-year history in the motorsports industry through our involvement with Featherlite,” said Conrad Clement. “We’ve been intimately involved with Iowa Speedway since it was founded in 2006, and we’re looking forward to building on the momentum created over the last five years.”

Iowa Speedway president Jerry Jauron added: “We’ve added new races, fan amenities, sponsors and vendors every season — and we’ll continue to do so under the guiding vision of the Clement family. We’re looking forward to the remaining races on the 2011 schedule — and then we’ll gear up for 2012. We’ve got a very bright future ahead.”

In a statement regarding the deal, Nascar racing legend, and Iowa Speedway co-owner, Rusty Wallace said: “The Clement family has expressed their willingness to invest in the track, its infrastructure and its future. Together, we can establish Iowa Speedway as one of the Midwest’s premier entertainment venues, and achieve our ultimate goal - hosting a Nascar Sprint Cup race.”

Lastly, former owner, Brad Manatt expressed his feelings: “It was our privilege to help build the track five years ago, and like a proud parent, we’ve enjoyed watching it thrive and grow -and we’ll continue to do so from the stands,” he said. “We wish great success to Iowa Speedway and the Clement family.”

The 1.4km track hosts a series of prestigious racing events and has permanent seating for 25,000 spectators. It cost US$70 million to build in 2005.

Source: SportsPro