He is not the original owner. He bought the track when the problems started getting worse. I don't recall the exact year, but he bought it solely as an investment.
From the Wiki page...
Raceway Park was founded in 1965 by Vincent Napoliello and Louis Napoliello.
[1] The site was originally 308 acres on 230 Pension Road, just off of
County Route 527 (now Englishtown Road). Since then it has grown to 500+ acres with multiple motorsports activities. The track opened with a single 1/4 mile
dragstrip. Raceway Park offered 2
dragstrips, 3
motocross tracks, a 1.3-mile (2.1 km)
road course track, competition
go kart racing track,
autocross track, ride and drive site and adjacent
Old Bridge Airport.
Their radio and television commercials featured the slogan: "Ah ha ha ha ha ha Raceway Park!" and "Rrrrrrrrraceway Park! ... Be there!".
[2][3] Raceway Park "is one of the most fabled drag strips in America, and it ranked among the country's top five tracks".
[2]
Raceway Park previously hosted the SuperNationals of the
National Hot Rod Association for
Funny Car and
Top Fuel competitions, as well as other drag racing events. In January 2018, NHRA and Raceway Park officials announced that the venue will cease hosting all drag racing events due to rising costs. Areas specific to drag racing will be converted to outdoor concert space. All other areas of the facility will remain operational, such as the drift track, go karts, motocross, etc.
[4]