Featherlite Inc. founder Conrad Clement, along with his sons, Tracy and Eric, and his brother, Stan Clement, purchased U.S. Motorsports Corporation - the holding company that owns Iowa Speedway - effective June 30.
"My family has a 20-year history in the motorsports industry through our involvement with Featherlite," Conrad Clement said in a statement. "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."
The entire staff will remain in tact so fans continue to have a world-class race day experience at Iowa Speedway. Stan's sons, Luke and Tyler, have also been appointed as corporate officers.
The Manatt family - owners of Manatt's, Inc., a heavy construction company based in Brooklyn, Iowa - have been the primary investors since the track was built. They intended to help launch the Speedway and improve Newton's economic vitality, and then transfer controlling interest so they could focus on their core family business.
Clement said he is grateful for the Manatts' contributions to the track, and acknowledges that this is an ideal time for his family to take principal ownership. He believes that fan support is critical to the track's continued success, and ensuring that ticket-holders have an enjoyable race day experience is one of his top priorities.
Clement and the staff will continue to explore new amenities and facility improvements to accommodate larger races and additional events at Iowa Speedway.
"The Clement family has expressed their willingness to invest in the track, its infrastructure and its future," Iowa Speedway co-owner\ Rusty Wallace said. "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."
Track president Jerry Jauron says fans can expect the track's monumental growth to continue under its new ownership.
"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," Jauron said. "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."
Brad Manatt says it has been an honor to be involved with Iowa Speedway's creation and legacy.
"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," says Manatt. "We wish great success to Iowa Speedway and the Clement family."