The $19-million sale of the Iowa Speedway in Newton back in June has led to a court battle. The companies that built the track, Manatt’s Incorporated and Manaco Corporation, are accused of failing to pay over $1.8-million in bills before the ownership of change.

A lawsuit filed by new owner, Conrad Clement and the Clement family, alleges they were saddled with those unpaid bills, despite a provision in the sale contract requiring Manatt’s to pay all the outstanding debts. To compensate for the debt, the Clements are accused of only paying $152,588 dollars of a $2-million loan payoff to the Manatt’s that was due December 31st.

Due to the reduced loan payment, Jasper County Court records indicate the Manatt’s claim the Clement family has default on the $2-million loan. They want full payment of the loan and another loan of $4.3-million by February 20th.

Rusty Wallace, who owns about 8% of the Iowa Speedway, is not named in the lawsuit.

By Randy Van, KCOB, Newton

Radio Iowa