Soon-to-be NASCAR Hall of Famer Rusty Wallace found himself answering a lot of unexpected questions earlier this week after a Newton news blog erroneously reported he had sold his stake in the Iowa Speedway.
Wednesday afternoon, the Newton Independent website published a report with the headline "Court filing shows Rusty Wallace sold his interest in Iowa Speedway to Clement family shortly after they gained majority control." Later in the day, the Des Moines Register interviewed Wallace, who said the report was inaccurate.
“Of course I never sold my shares in Iowa Speedway,” Wallace said in an official statement released Thursday by Iowa Speedway. “I am, and always have been, an owner.”
Stan Clement, president of Iowa Speedway, further explained Wallace's role in the sale of the Newton racetrack. He said, prior to the June 30, 2011, sale from U.S. MotorSport Corporation to USMC Corporation, Wallace owned approximately 8 percent of the shares of U.S. MotorSport Corporation.
As a result of the sale, as is typically the case in most corporate buyouts, USMC Corporation became the sole shareholder of U.S. MotorSport Corporation stock, including those previously owned by Wallace. He received USMC Corporation shares in exchange, rather than cash.
“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.”