Cedar Rapids Company to Buy Hawkeye Downs Speedway
Once a racing hotbed, Hawkeye Downs Speedway in Cedar Rapids has had some tough times the past several years. Financial difficulties have put the track in a tough spot. So it wasn't a huge surprise when the owners of the facility, All Iowa Agricultural Association, announced on Sunday they were selling.
Julie Kraft, president of All Iowa Agricultural Association, said that CellSite Solutions of Cedar Rapids is purchasing the property for $2.6 million. The sale will allow Hawkeye Downs to retire it's mortgages and liens and still have some money left to put into an endowment. The deal with CellSite is still being finalized, and also includes $200,000 in facility upgrades. The deal is expected to be completed by the end of 2019.
CellSite says once the deal goes through, it plans to lease the expo hall and racetrack back to the All Iowa Agricultural Association. Their normal racing and events schedule will both go on without any major changes.