Thursday, January 24, 2013

Wallace Denies Iowa Speedway Sale Reports

NASCAR Hall of Famer Rusty Wallace has denied internet reports claiming he has sold his interest in Iowa Speedway.

Stan Clement, President of the Newton, IO, track said Wallace’s ownership stake in the speedway remains unchanged. “Naturally when a corporation is sold, and stock is transferred to the new owners, all outstanding stock must be redeemed and reissued,” said Clement in a written statement today. “Rusty’s ownership interest in Iowa Speedway remains the same as it was from the very beginning, back in 2005.”
Wallace said he was surprised by the erroneous reports, adding, “Of course I never sold my shares in Iowa Speedway. I am, and always have been, an owner.”
Prior to the June 30, 2011 sale of the track, Wallace owned approximately 8% of the shares of U.S. MotorSport Corporation, which owned and operated the Speedway. As a result of the June 30, 2011 sale, USMC Corp. became the sole shareholder of USMS. As part of that transaction, Wallace exchanged his shares in USMS for shares in USMC.

1 comment:

  1. Anonymous9:36 AM

    Coud they have used their accelerated
    depreciation for race tracks, etc. and "sold" it for another corporation to start over.