In 1954 Earl Baltes, a renowned bandleader and the proprietor of the Eldora Ballroom, carved a flat, quarter-mile clay oval out of a cornfield in the natural amphitheater between Ohio S.R. 118 and the Wabash River. Over the next 50 years the enterprising Baltes and his wife, Berneice, grew Eldora Speedway from its humble roots to national prominence by promoting events no other promoter dared fathom on what became a half-mile, high-banked clay oval.

As dirt racing's popularity surged in the late 1990s, along came new multi-million-dollar facilities, and corporate entities began to try to purchase Eldora Speedway from Baltes. However, in his mind, there was only one choice. In true Earl Baltes fashion, in the spring of 2004 he contacted a brash young racer who had tamed Eldora's high banks as a driver on his way to national championships in USAC and IndyCar, the 2002 NASCAR Cup Series champion, Tony Stewart. As Stewart's on-track career skyrocketed, he passionately invested in entrepreneurial endeavors involving his beloved dirt racing, beginning with race teams in 2001. Somehow the two high-profile figures who always drew a crowd of well-wishers at Eldora managed to keep their talks quiet, and the celebrated promotor and superstar driver announced the transition of Eldora Speedway ownership in November 2004.

Now entering its 19th year under the ownership of Tony Stewart, Eldora Speedway will host its 70th season of racing in 2023.