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(AP) -- Featherlite Inc. founder Conrad Clement and his family have purchased the Iowa Speedway.

Officials announced Tuesday that the family known for Featherlite aluminum trailers has purchased the holding company that owns the five-year-old track, U.S. Motorsports Corp., from the Manatt family.  

The Manatts own a Brooklyn, Iowa-based construction company.

They've been the primary investor since the track was built in 2006 but had intended to transfer controlling interest in five years.

The 0.875-mile track has been a hit with fans in Iowa since it opened.

This year, Iowa has four major events on the schedule, including last month's IndyCar race, two NASCAR Nationwide events and a NASCAR trucks series event on July 16.

Track officials say Rusty Wallace will remain a minority owner and that no staff changes are planned.

(Copyright ©2011 by The Associated Press. All Rights Reserved.)