Newton awarded $487,500 in grants for Iowa Speedway events

Two sports tourism grants were awarded to Newton in late February by the Iowa Economic Development Authority in order boost upcoming races at the Iowa Speedway, including the return of a NASCAR Cup Series which made its debut last year with a sold-out weekend of races and millions of viewers nationwide.

The IEDA Board awarded the sports tourism grants to Newton Community Events, Inc., which is a nonprofit organization whose purpose is to help fundraise for events in the area. NCE received $437,500 for the IndyCar Race Weekend and $50,000 for the NASCAR Cup Series Weekend.

The grant for the IndyCar Race Weekend will go towards promotion of the two-day event — including national TV, radio and digital ads — targeting motorsports fans and growth of new fans. The NASCAR grant will go towards local promotions and expand out of state for digital ads.

According to a press release from the IEDA Board, the sports tourism program provides financial assistance for projects that market or promote professional-, collegiate- or amateur-level sporting events in Iowa. Award recommendations are made by the Sports Tourism Review Committee to the IEDA Board for approval.

Craig Armstrong, economic development special for the City of Newton, wrote the grants alongside other partners. The grants require matching funds from event promoters. The funds will be used to attract new racing fans to the 2025 events at the Iowa Speedway, and, in turn, boost the town’s economy.