Indianapolis Motor Speedway, IndyCar is being sold to Penske Corp.

USA Today Sports 1 month ago

Hulman & Co. is selling the Indianapolis Motor Speedway, IndyCar and related businesses to Penske Corp.

Both companies announced the deal Monday in a news release. 

Hulman & Co. has owned the track since 1945. In May, the company announced it was selling the iconic baking powder-maker Clabber Girl Corp. to B&G Foods.

At the time, President & CEO Mark Miles said the sale allowed the company to focus on growing its motor sports operations.

Monday's news release did not specify how much Penske is paying to buy the track, the NTT IndyCar Series and Indianapolis Motor Speedway Productions.

Miles will be joined by Chairman Tony George and Penske Corp. Chairman Roger Penske at an 11 a.m. news conference to answer questions about the sale. IndyStar will livestream the press conference here

Rumors about the sale of IMS started churning not long after the November 3, 2018, death of family matriarch and IMS Chairman of the Board Emeritus Mari Hulman George.

Miles denied the rumors. In a December 2018 interview with IndyStar, Miles insisted that IMS was not for sale.

“Nothing’s changing,” Miles said. 

IndyCar saw improved television ratings with NBC taking over full broadcast rights this season and the Indianapolis 500 has ridden a surge in attendance with the 100th running, averaging more than 300,000 fans since 2016.

Penske's history with Indianapolis Motor Speedway dates to 1951 when he attended the Indianapolis 500 with his father. Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud this year. Penske's Josef Newgarden won his second IndyCar title in three years this season as well.

Hulman family's track history 

Anton "Tony" Hulman bought IMS from Eddie Rickenbacker for a reported $750,000 in 1945. The facility had fallen into disrepair because of a lack of racing during World War II. The Indianapolis 500 resumed in 1946 and thrived under Hulman's leadership until his death in 1977. 

IMS remained a largely Indy 500-only facility into the 1990s, until NASCAR started racing there in 1994.

Hulman's grandson, Tony George, created the Indy Racing League a few years later. That prompted a period of upheaval in open-wheel racing as the IRL battled Championship Auto Racing Teams for drivers and facilities. The series reunited in 2008, and in the past decade the IndyCar Series has regained some prominence.

The 100th Indy 500 in 2016 ran before a sold-out IMS, allowing it to be shown live on local television. IMS has also hosted Formula One, MotoGP, air racing, vintage car racing, concerts and professional golf over the past two decades.


Source link
Read also:
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.
ABC News › 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.
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.
ABC News › Finance › 1 month ago
Penske buys Indianapolis Motor Speedway, IndyCar Series in surprise deal
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.
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR