NASCAR purchased the Iowa Speedway from U.S. Motorsport Corporation in the organization's first ever acquisition of a racetrack. Faegre Baker Daniels represented NASCAR as lead deal counsel.
The transaction involved in-depth due diligence on the track's economic structure and tax incentives, and negotiation with a large and complex set of counter-parties that included the entity that owned the speedway and its parent corporation, a lender, securities holders, a trustee, and the race car driver/owner who designed the track. As part of the deal, FaegreBD's real estate team renegotiated multiple land leases surrounding the track in just two weeks on behalf of NASCAR.
NASCAR's purchase of the financially distressed track allowed it to solidify the future of racing in Iowa and ensure the existence of a key racing and entertainment facility. The 0.875-mile Iowa Speedway, located 30 miles east of Des Moines in Newton, Iowa, is the state's only professional sports venue.