The NTT IndyCar Series and Indianapolis Motor Speedway itself, along with several other related companies, have been sold to the Penske Entertainment Corporation, part of the Penske Corporation.
This news was announced Monday morning, Nov. 4.
“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” said Tony George, Chairman of Hulman & Company, in a press release. “The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years. Now, we are honored to pass the torch to Roger Penske and Penske Corporation, as they become just the fourth owner of the iconic Speedway. 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 added: “My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father. We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing. I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.”
Mark Miles, President and CEO of Hulman & Company also added: “The Indianapolis Motor Speedway, the Indianapolis 500 Mile Race and the NTT IndyCar Series have enjoyed considerable growth over the past decade, with significant increases in television, digital and social media audiences combined with record attendance at many of our race venues. With their track record of business success, their venue, operation and event experience and their passion for motorsports, Roger Penske and Penske Corporation will help us take the IndyCar Series, the Indianapolis Motor Speedway and all of our properties to new heights. Everyone on our team looks forward to working with them to capitalize on the momentum that the Series and the Speedway have achieved.”
According to the Associated Press, the deal is expected to close in January 2020.
Both were previously owned by Hulman and Company, which have operated the speedway since 1945.
Roger Penske is the owner of the Penske Corporation and of Team Penske of NASCAR and the IndyCar Series.
Penske the winningest owner in Indianapolis 500 history with 18 victories, including this year with Simon Pagenaud. He won the 2018 Brickyard 400 with Brad Keselowski in NASCAR.
Chip Ganassi also reacted to the news on Twitter.
Big news this morning as Penske Corporation has acquired @IndyCar and @IMS.
Here's what @GanassiChip had to say. ? pic.twitter.com/J6UKdU0lAK
— Chip Ganassi Racing (@CGRTeams) November 4, 2019
What does this do to Penske’s teams in the Indycar Series? Penske said he will step down as race strategist for his IndyCar team. Penske most recently called races for veteran driver Will Power. He said his focus will be to try to see how we can build the series to the next level.
About the author
Wesley has been with Fronstretch since October 2017. He loves well-told stories in whatever format he finds them. Aside from NASCAR, he enjoys reading, country music and OKC Thunder basketball. He has a BA in Liberal Arts/English and currently lives in eastern Oklahoma, where he works as a freelance writer/editor.
A daily email update (Monday through Friday) providing racing news, commentary, features, and information from Frontstretch.com
We hate spam. Your email address will not be sold or shared with anyone else.
He is successful. Could NASCAR be next? There is really no one in the pipeline with the business experience to manage the sport in the France family. Past actions have proven that point. Or could Marcus Smith buy NASCAR and all the tracks?
This is a huge racing development that is a good thing.
I hope it’s a good thing – time will tell. That trepidation aside, I can’t really think of anyone else I would feel better about taking the helm. Penske has been involved with Indy a long time, and should be as capable as anyone to successfully guide open wheel going forward. I wish them nothing but the best of luck and success!