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Rusty Wallace Remains An Owner At Iowa Speedway
NASCAR Hall of Famer Rusty Wallace has not sold his interest in Iowa Speedway, according to Stan Clement, President of the Newton track.
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“Naturally when a corporation is sold, and stock is transferred to the new owners, all outstanding stock must be redeemed and reissued,” Clement said. “Rusty’s ownership interest in Iowa Speedway remains the same as it was from the very beginning back in 2005.”
Wallace was surprised at the initial news report, and was quick to respond.
“Of course I never sold my shares in Iowa Speedway,” Wallace said. “I am, and always have been, an owner.”
Prior to the June 30, 2011 sale, Wallace owned approximately 8% of the shares of U.S. MotorSport Corporation ("USMS"), which owned and operated the Speedway. As a result of the June 30, 2011 sale, USMC Corp. ("USMC") became the sole shareholder of USMS, and in connection with the transaction, Wallace exchanged his shares in USMS for shares in USMC.
Iowa Speedway’s 2013 season kicks off with the second annual Iowa Grand Motorcycle Rally, May 30 – June 2, and continues with the first of five major racing event weekends on June 7 – 8 with the NASCAR Nationwide Series ‘DuPont Pioneer 250’.
PaddockTalk Perspective
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