DES MOINES, Iowa -- Newton will be the home to a new NASCAR Nationwide Series race in 2009, according to an announcement made Tuesday morning.

Rusty Wallace made the announcement saying he and officials were like little kids pinching themselves Monday night saying "Is this really happening?"

The race will be held on Aug. 1, 2009, and would be broadcast worldwide on the ESPN cable network. Wallace said it's yet to be decided if the race will be held at day or night. Wallace said NASCAR gave Speedway officials five dates to select from.

"All the big names will be here," Wallace said. "This place will be rockin."

Wallace said more than 70,000 people could potentially pack the event. Currently, the track's seating holds about 30,000.

Officials said an opening in the schedule was made after Mexico City was removed from the 2009 Nationwide Series schedule.

Wallace said the large crowds for the other Iowa races and feedback from NASCAR drivers helped Newton land the event.

NASCAR President Mike Helton, Atlanta Motor Speedway President Ed Clark, Auto Club Speedway President Gillian Zucker, Talladega Superspeedway President Rick Humphrey, Chicagoland Speedway President Matt Alexander and Iowa Speedway President Jerry Jauron were on hand in Newton for the announcement.

NASCAR released its official schedule Tuesday after the Iowa announcement.

Wallace said all NASCAR races are awarded on a one-year contract. He said he expects the event to continue for years to come.

The Iowa Speedway already hosts the IndyCar and NASCAR Camping World East series races.

The race is expected to have a significant economic impact on Newton and the Des Moines metro area, pouring millions of dollars into the local economy. Wallace said an expansion of the Newton airport might need to happen to accommodate an increase in air traffic.

Depend on updates on this developing story from KCCI-TV and KCCI.com.