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Possible Wall Property Sale Causing Delay For Maletto To Obtain Lease
By EARL KRAUSE
Last May, in a somewhat surprising yet not unexpected announcement as Wall Stadium Speedway began its milestone 75th season, its promoters Diane Krause and daughter/General Manager Emily stated that their 15th year as lease holders in 2025 would be their last. It led to much speculation through the summer as to what the status of the high-banked paved oval would be for 2026, and who would take over as track operators and/or holding the lease.
Now, with Wall’s 52nd Turkey Derby only weeks away on November 28-29 as the Grand Finale for the Krause family, local businessman and part time race driver Pete Maletto is currently in negotiations with the Wall Stadium property owners to be the new lease holder for the 76th season of competition.
Last month, all appeared to be in readiness for Maletto to make the official announcement that he had the lease secured. But then there was an unexpected delay, which Maletto hopes is only a temporary setback.
“We were only a week away (last month) from signing the lease to operate Wall Stadium for next year. But now, the (Wall Stadium property) land owners are considering a possible sale to an interested party. Those potential buyers are currently doing their analysis,” explained Maletto.
“Because of that, they (current property owners) are holding off signing with us. If a sale goes through, and it’s a big if, and if the new owners decide to develop the site, in my opinion there would be no reason for the track to just sit. It may take several years after the sale for something to happen as far as any kind of development,” he said, not sure of what the project might be.
“If a sale does go through, we plan to try to transfer our lease proposal to the new owners. I doubt they would pass up potential lease revenue. I’m staying in weekly contact with the current owners and keeping a close eye on the situation.”
HOMES ON THE HORIZON: Not directly affecting the lease situation, but certainly a topic of concern, is the report that approval has apparently been given by Wall Township for some 600 mixed-income style homes to be built not far from the track beyond turns one and two and the backstretch in what’s locally known as the McDowell Sand Pit.
That home development does not include the track property. The homes in that large area would be surrounded by Route 34, West Hurley Pond Road and Route 195. However, having those homes relatively close by doesn’t appear to be of immediate concern to Maletto, as he feels it would most-likely take several years before they were fully constructed and occupied.
FOCUSED ON WALL’S FUTURE: Now leading the quest to secure the new lease for Wall’s future is Pete Maletto, an entrepreneur with varied local business interests who also drove at Wall on a limited basis this season in the No. 28 Sportsman car.
He has a lengthy background in the sport, competing nationally in the World Karting Association (WKA) and having a stint as a driver in Indy Lights. He grew up going to Wall Stadium, became an enthusiastic fan and in the early-1980s at age 14 was a Wall reporter for Area Auto Racing News.
Joining Maletto as a lease holder for Wall in 2026 would be Fred Archer, who recently sold his locally-based steel building construction business. Archer is also a race fan, seen this summer in the Wall grandstands with his family, and of interest had been part of the multi-person group that originally purchased the Wall Stadium property from its founding Nicol family in 2002.
Four-time Wall Modified champion and 88-time division winner Jimmy Blewett, whose teenage son James won his career-first Wall Modified feature this year in the family No. 76, is an ongoing key advisor to Maletto and Archer from the technical/weekly racing side.
As a racer himself, Maletto is well aware that teams need to know what to prepare for on the mechanical end for what would be Wall’s 76th racing season; and that the fans are hoping to hear good news.
Over the last two months he has been in constant negotiations with the property owners to secure the new lease to operate Wall with a smooth transition from the Krause’s. It was going well, with the basic legal points of such a contract being put in place.
That is until he was notified of the proposed sale of the 50-plus acres on which the track is located.
“Right now, I’d say we might have to wait another month, maybe two, to find out if there will be a sale of the property and how it will affect our plans,” said Maletto.
“It will be better if we hear something sooner! We’re staying hopeful. I want to emphasize that we’re working to make it happen to have racing at Wall as usual next year and beyond.”
Maletto indicated that he would like to have a multi-year lease, but would be willing to go with a one year plan (which is what the Krause family has had in recent seasons) to ensure that racing will continue.
STAYING POSITIVE: Speaking on behalf of Archer and Blewett, Maletto expressed his and their disappointment of the “eleventh hour” delay to obtain the lease.
“We have been making plenty of plans for Wall Stadium, including physical improvements, speaking to the staff and getting ideas… not just for next year but in the future. And we were so close to signing the papers! We were ready to make the announcement (new lease) that everyone was hoping for.
“And Diane and Emily (Krause) have been so supportive… starting with Cliff they have devoted 15 years to Wall Stadium. I know our dedicated race teams and the generations of fans that love Wall want to know what’s happening and are very concerned for their track.
“It’s frustrating for us not knowing exactly what will happen (with the lease negotiations). The current owners have been very helpful to make it a reality, but now we have to wait and see what’s next,” continued Maletto.
“It’s a lot to process. I truly appreciate the positive thoughts, patience and prayers of everyone. Wall Stadium is special to all of us. Let’s stay positive together and hope for the best. I’m driven to make this happen… I won’t give up trying, no matter how complicated it becomes.”
Last May, in a somewhat surprising yet not unexpected announcement as Wall Stadium Speedway began its milestone 75th season, its promoters Diane Krause and daughter/General Manager Emily stated that their 15th year as lease holders in 2025 would be their last. It led to much speculation through the summer as to what the status of the high-banked paved oval would be for 2026, and who would take over as track operators and/or holding the lease.
Now, with Wall’s 52nd Turkey Derby only weeks away on November 28-29 as the Grand Finale for the Krause family, local businessman and part time race driver Pete Maletto is currently in negotiations with the Wall Stadium property owners to be the new lease holder for the 76th season of competition.
Last month, all appeared to be in readiness for Maletto to make the official announcement that he had the lease secured. But then there was an unexpected delay, which Maletto hopes is only a temporary setback.
“We were only a week away (last month) from signing the lease to operate Wall Stadium for next year. But now, the (Wall Stadium property) land owners are considering a possible sale to an interested party. Those potential buyers are currently doing their analysis,” explained Maletto.
“Because of that, they (current property owners) are holding off signing with us. If a sale goes through, and it’s a big if, and if the new owners decide to develop the site, in my opinion there would be no reason for the track to just sit. It may take several years after the sale for something to happen as far as any kind of development,” he said, not sure of what the project might be.
“If a sale does go through, we plan to try to transfer our lease proposal to the new owners. I doubt they would pass up potential lease revenue. I’m staying in weekly contact with the current owners and keeping a close eye on the situation.”
HOMES ON THE HORIZON: Not directly affecting the lease situation, but certainly a topic of concern, is the report that approval has apparently been given by Wall Township for some 600 mixed-income style homes to be built not far from the track beyond turns one and two and the backstretch in what’s locally known as the McDowell Sand Pit.
That home development does not include the track property. The homes in that large area would be surrounded by Route 34, West Hurley Pond Road and Route 195. However, having those homes relatively close by doesn’t appear to be of immediate concern to Maletto, as he feels it would most-likely take several years before they were fully constructed and occupied.
FOCUSED ON WALL’S FUTURE: Now leading the quest to secure the new lease for Wall’s future is Pete Maletto, an entrepreneur with varied local business interests who also drove at Wall on a limited basis this season in the No. 28 Sportsman car.
He has a lengthy background in the sport, competing nationally in the World Karting Association (WKA) and having a stint as a driver in Indy Lights. He grew up going to Wall Stadium, became an enthusiastic fan and in the early-1980s at age 14 was a Wall reporter for Area Auto Racing News.
Joining Maletto as a lease holder for Wall in 2026 would be Fred Archer, who recently sold his locally-based steel building construction business. Archer is also a race fan, seen this summer in the Wall grandstands with his family, and of interest had been part of the multi-person group that originally purchased the Wall Stadium property from its founding Nicol family in 2002.
Four-time Wall Modified champion and 88-time division winner Jimmy Blewett, whose teenage son James won his career-first Wall Modified feature this year in the family No. 76, is an ongoing key advisor to Maletto and Archer from the technical/weekly racing side.
As a racer himself, Maletto is well aware that teams need to know what to prepare for on the mechanical end for what would be Wall’s 76th racing season; and that the fans are hoping to hear good news.
Over the last two months he has been in constant negotiations with the property owners to secure the new lease to operate Wall with a smooth transition from the Krause’s. It was going well, with the basic legal points of such a contract being put in place.
That is until he was notified of the proposed sale of the 50-plus acres on which the track is located.
“Right now, I’d say we might have to wait another month, maybe two, to find out if there will be a sale of the property and how it will affect our plans,” said Maletto.
“It will be better if we hear something sooner! We’re staying hopeful. I want to emphasize that we’re working to make it happen to have racing at Wall as usual next year and beyond.”
Maletto indicated that he would like to have a multi-year lease, but would be willing to go with a one year plan (which is what the Krause family has had in recent seasons) to ensure that racing will continue.
STAYING POSITIVE: Speaking on behalf of Archer and Blewett, Maletto expressed his and their disappointment of the “eleventh hour” delay to obtain the lease.
“We have been making plenty of plans for Wall Stadium, including physical improvements, speaking to the staff and getting ideas… not just for next year but in the future. And we were so close to signing the papers! We were ready to make the announcement (new lease) that everyone was hoping for.
“And Diane and Emily (Krause) have been so supportive… starting with Cliff they have devoted 15 years to Wall Stadium. I know our dedicated race teams and the generations of fans that love Wall want to know what’s happening and are very concerned for their track.
“It’s frustrating for us not knowing exactly what will happen (with the lease negotiations). The current owners have been very helpful to make it a reality, but now we have to wait and see what’s next,” continued Maletto.
“It’s a lot to process. I truly appreciate the positive thoughts, patience and prayers of everyone. Wall Stadium is special to all of us. Let’s stay positive together and hope for the best. I’m driven to make this happen… I won’t give up trying, no matter how complicated it becomes.”
