IRL to extend Iowa deal

UPDATE Iowa Speedway and IndyCar Series executives announced that they are nearing completion of a two-year extension for the series to compete at Iowa Speedway.

STAN CLEMENT (Chief Executive Officer, Iowa Speedway): "Today is the third IndyCar Series race at Iowa Speedway. From the very beginning the Iowa Corn Indy 250 has been the premier event on our schedule. We have a record crowd this weekend, and all the additional seating in place is sold out. We are working to finalize a multi-year agreement. We continue to develop this event and are excited about its potential and feel great about the current agreement we're working on." (About Iowa's location): "The fans around here have always gone to the Indy 500. We just bring it closer to them with a different type of track."

JERRY JAURON (President and Chief Financial Officer, Iowa Speedway): "I want to thank the IndyCar Series for their commitment to Iowa Speedway. What excites me is when you look out there, Iowa Speedway is going to hopefully continue to be part of the exclusive racing venues that host the IndyCar Series. That will solidify Iowa Speedway as one of the top motorsports venues in the world. That's exciting. We have actually sold tickets to our race today in 24 states. I think that says a lot about Iowa Speedway and our future. We look forward to many years with the IndyCar Series." (About the success of the Speedway): "There are studies done around the country by different independent groups, and in the upper Midwest 70 percent of all people are race fans are out here. We are the heart of America and the heart of race country. The state of Iowa has 68 or 69 tracks alone, so I think it's built in the perfect spot. We're in open-wheel country. These drivers are going to average 180 mph, they're going to do laps in under 18 seconds. But beyond that, it's all about entertainment value. I believe Iowa Speedway has benefitted from the economy. People now are really scrutinizing where they're going to spend their entertainment dollars. When you can come out to Iowa Speedway on a season ticket basis on an average of $25 or $30 for the best seat in the house, you get world-class racing, you get nationally acclaimed concert acts, fireworks, tailgating, racing simulators, a midway like the state fair. You can't get that anywhere else in Iowa except here."

TERRY ANGSTADT (President of the Commercial Division, Indy Racing League): "We are very excited about being here. We're excited to be here every year. I think this year is even more special because of the opportunity to extend this into the future. When we show up from people at the airport, to people at the hotels, to fans in and around the grounds, you're made to feel very welcome, and that doesn't happen in every market. We love the configuration, the distance of the track. It works so well for us. It works for us on every level."

06/21/09 Iowa Speedway and the IRL are expected to announce a new "multi-year" deal today before the green flag drops.