Jones, owner of Jones Brothers Towing and Trucking, and partner Jim Hale obtained the track for $900,000, outbidding several others in an auction held by J.P. King Auction Co.
The track, previously owned by Shayne McMartin and wife Sherri Heckenast of Frankfort, Ill., was purchased by Heckenast in 2005 for more than $1.6 million but has not hosted regular racing events in the last several years.
Included with the track in the auction were the 151-acre property, office and administrative buildings, various equipment, an electronic timing system and approximately 317 acres of undeveloped land.
The track was built by Dwight and Keith Greer of Marshall County and opened in 1997.
Marshall County Tribune-Courier sports reporter David Green contributed to this report.