IndyCar News: IEDA feels sorry, gives IndyCar $487K for Iowa race

The IndyCar race at Iowa Speedway struggles to sell out and has had to resort to bringing in big name concerts (paid for by sponsor Hy-Vee) to attract people to fill the otherwise mostly empty grandstands.

–by Mark Cipolloni–

At one point, IndyCar stopped racing at Iowa Speedway because of poor attendance. However, three years’ ago the race was resurrected when Hy-Vee stepped in as the event sponsor for the IndyCar race weekend and propped up attendance with headline music acts.

Will Power in front of mostly empty grandstands in 2024. The paying customers rejected the race and stayed home during the HyVee IndyCar Race Weekend in Newton, Iowa. (Photo by Joe Skibinski | IMS Photo)

In contrast, the NASCAR Cup races do not need such gimmicks and sell out regardless.

After losing its shirt by paying for big name entertainers during the IndyCar weekend the last three years, Hy-Vee announced that it will continue to be a key sponsor of INDYCAR Race Weekend at Iowa Speedway this year, though the company will no longer serve as the title sponsor of the July 11-13 event.

An email update to fans said tickets for this year’s star-free event will cost significantly less, with many grandstand ticket prices reduced more than 50%. Local artists will perform on the midway outside the front gates, the update to fans said.

“This summer’s event weekend will shift gears from the high-profile music acts we have seen the past few years and instead focus on the great racing our loyal race fans have come to expect of their IndyCar experience at Iowa Speedway,” the update said.

As a result of IndyCar’s struggles, the Iowa Economic Development Authority (IEDA) awarded grants to support racing events at the Iowa Speedway. The IEDA awarded $487,500 for the IndyCar Race Weekend, significantly larger than the $50,000 it gave for the NASCAR Cup Series Weekend at the Speedway.

IDEA is a non-profit organization whose purpose is to help fundraise for an event in the region.

Given the loss of the title sponsorship, IDEA felt sorry for IndyCar and gave them $487,500 vs only $50,000 to NASCAR, which does not really need the money.

During the 2024 race weekend, Hy-Vee and IndyCar announced that the grocer would remain the title sponsor of the race for “multiple years.” But the length of the contract was never announced and in October Hy-Vee announced it would also not renew its one-year sponsorship of an IndyCar race weekend in Milwaukee.

Organizers of the IndyCar Race Weekend said Hy-Vee helped grow racing and support for IndyCar in Iowa.

“We certainly appreciate all that Hy-Vee has done to support this event and the sport of IndyCar racing, and we look forward to our continued partnership in 2025,” they said in a statement.

“Since IndyCar returned to Iowa in 2022, this event has grown with the passionate fans across the state and throughout the Midwest embracing the unique NTT IndyCar Series doubleheader race format and the exciting oval racing at the ‘Fastest Short Track on the Planet.’”

In case you were not aware, NASCAR has owned the Iowa Speedway since 2013.