This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

The Iowa Speedway in Newton will soon have new owners.

US Motorsport Corporation will sell the track and its properties to an undisclosed buyer. The new company is identified in documents provided to city council members only as Iowa Speedway L.L.C.

Racing legend Rusty Wallace designed the state-of-the-art track and also became part-owner. Wallace hasn’t responded to a request to find out whether he will have any role in the new company.

The Newton City Council will vote to approve terms of the change at a special meeting Tuesday at noon. The Speedway has struggled financially at times to pay vendors and secure financing for expansion. It has also had ownership and key leadership changes since it opened in 2006. The Speedway also announced it would reduce its racing weekends from 5 to 3 next season.

The new owners are not expected to be present at Tuesday’s council meeting. Channel 13 has confirmed a news conference scheduled for 1p.m. at the Iowa Statehouse rotunda on December 12th. The new owners are expected to be represented there and release details of some future plans for the Speedway.