Roger Penske buys Indianapolis Motor Speedway and IndyCar

ABC News Finance 1 month ago

Indianapolis Motor Speedway and the IndyCar Series have been sold to Penske Entertainment Corp. in a stunning Monday announcement that relinquishes control of the iconic speedway from the Hulman family after 74 years.

Tony Hulman bought the dilapidated speedway in 1945 and brought racing back to the corner of 16th St. and Georgetown Ave. after a four-year hiatus following World War II.

The speedway spun off multiple other subsidiaries, including the IndyCar Series and Indianapolis Motor Speedway Productions, which are also part of the deal to Penske Entertainment. That group is a subsidiary of Penske Corp., which is owned by billionaire Roger Penske.

The speedway announced a Monday news conference to discuss the deal.

Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud's win in May. He capped the IndyCar Season with a championship from driver Josef Newgarden, the 15th for the Team Penske organization.

Penske's love of the speedway dates back to 1951 when his father, Jay, scored a pair of tickets to the Indianapolis 500 from the metal fabrication company in Cleveland he worked for. He brought his 14-year-old car-loving son to the speedway to see the event live after listening to it only on the radio for so many years.

Penske was instantly hooked and has missed only six Indianapolis 500s since, five of which came when the IndyCar Series was formed by Tony George and split from CART. Penske teams remained in CART, and CART teams were not welcome at the 500.

Tony George, the grandson of Tony Hulman, has long run the speedway and its properties along with his sister and a board of directors. But matriarch Mari Hulman George, daughter of Tony Hulman, died last December and the family has now turned over all of its racing properties to Penske.

The IndyCar Series is on an upward trend with improved television ratings and increased interest. CART was once the most popular form of motorsports in America, but NASCAR swallowed open wheel racing during the tumultuous times after Tony George created the Indy Racing League. The split fractured open-wheel racing in North America and it has never recovered even after CART conceded and merged into what is presently known as IndyCar.

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The New York Times › Finance › 1 month ago
Indianapolis Motor Speedway and the IndyCar Series have been sold to Penske Entertainment Corp. in a stunning announcement that relinquishes control of the iconic speedway from the Hulman family after 74 years.
Chicago Tribune › Sports › 1 month ago
Indianapolis Motor Speedway and the IndyCar Series have been sold to Penske Entertainment Corp. in a stunning Monday announcement that relinquishes control of the iconic speedway from the Hulman family after 74 years.
New York Daily News › Sports › 1 month ago
Indianapolis Motor Speedway and the IndyCar Series were sold to Penske Entertainment Corp. in a stunning move Monday that relinquishes control of the iconic speedway from the Hulman family after 74 years.
ABC News › Finance › 1 month ago
Penske buys Indianapolis Motor Speedway, IndyCar Series in surprise deal
USA Today › 1 month ago
Indianapolis Motor Speedway and the IndyCar Series were sold to Penske Entertainment Corp. in a stunning move Monday that relinquishes control of the iconic speedway. (Nov. 4)
Washington Times › Sports › 1 month ago
Hulman & Company selling Indianapolis Motor Speedway, IndyCar Series and other properties to Penske Entertainment Corp.
USA Today › Sports › 1 month ago
Hulman & Co. is selling the Indianapolis Motor Speedway, IndyCar and related businesses to Penske Corp, the companies announced Monday.
USA Today › Sports › 1 month ago
Hulman & Co. has owned Indianapolis Motor Speedway since 1945. With the sale to Roger Penske, plenty of questions remain.
Washington Times › Sports › 1 month ago
Roger Penske was a car-loving, 14-year-old who regularly listened to the Indianapolis 500 on the radio when his father landed tickets to the 1951 race. They made the trek from Cleveland, and Penske fell in love when he saw the cars zipping around...
CNBC › Sports › 1 month ago
The deal includes the racing circuit, NTT IndyCar Series and Indianapolis Motor Speedway Productions.
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