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Indiana to Commemorate Historic Indy Racetrack. No, Not That One. (INDIANAPOLIS) – Indy tried to become the Racing Capital of the World a decade before the Indianapolis Motor Speedway opened its doors. This month, a historical marker will document where the effort began. Arthur Newby built the Newby Oval in 1898 to capitalize on a national bicycle craze triggered by the evolution of the bike from the “penny-farthing” bike with the giant front wheel to a version resembling modern bikes. His goal was to host the country’s biggest bike race, the League of American Wheelmen national meet. The race did come to Indy, on the Fourth of July. But bikes turned out to be a fad as automobiles came on the scene, and the track was torn down after just four years. ....