Penske Entertainment buys Indianapolis Motor Speedway, IndyCar Series

Penske Entertainment buys Indianapolis Motor Speedway, IndyCar Series

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.

Terms of the deal were not disclosed.

"I just want to thank Tony (George), Hulman & Co. and everyone else that's been involved in this and it will be an honor for Penske Corp.to help lead these great institutions forward into a new era".

"His business acumen and dedication to the sport and passion for the Indianapolis Motor Speedway are second to none".

The speedway spun off multiple subsidiaries, including the IndyCar Series and Indianapolis Motor Speedway Productions, which are also part of the deal to Penske Entertainment. "So we're going to invest capital". Can we execute those so we bring value here to the speedway? "It's important to us".

He is the most successful owner in the Indianapolis 500 race, with 18 victories, including this year when driver Simon Pagenaud won the race. He says his goal now is to find out how to build the IndyCar Series to the next level and continue the growth of IMS.

"I think you look at 27 years, there's no reason to break that string of races", he said. He was chairman of the host committee for the 2006 Super Bowl at Ford Field, donated $10 million to the Detroit Institute of Arts and created the Roger Penske Detroit Fund to support the city's homeless population. The company acquired Michigan International Speedway in the early 1970s and now promotes and operates the Detroit Grand Prix, which runs at the Belle Isle Park street circuit.

Penske Entertainment is a subsidiary of Penske Corporation, a privately held company with Roger Penske, 82, as its chairman. "I hope my dad is looking down at me and this group and saying 'Son, you did a good job'".

"I know (Roger) to be a great corporate citizen; I know their company thinks that way".

"This is great news for the industry", said Chip Ganassi.

The final transaction is expected to close in January, prior to the start of North American racing season, following the receipt of applicable government approvals and other standard conditions.

The biggest single day sporting event on planet earth is about to get even bigger and better.

"There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future". Penske teams remained in CART, and CART teams were not welcome at the 500.

"We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing". The speedway with its famous pagoda tower, Gasoline Alley garage area and massive grandstands was a dilapidated mess in 1945 when Tony Hulman bought it and brought racing back to the corner of 16th Street and Georgetown Avenue after a four-year absence following World War II.

"We have found the ideal steward of the company and its iconic assets", the document states.

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