Roger Penske buys Indianapolis Motor Speedway and IndyCar

UPDATED Hulman and Co sells IMS Indy Car to Penske	
				Image by IndyCar

Among the subsidiaries of Hulman & Company that have been acquired by Penske Entertainment Corporation are Indianapolis Motor Speedway, Indianapolis Motor Speedway Productions and the NTT IndyCar Series itself.

Tony George, grandson of Tony Hulman who bought the track in 1945, approached Penske about a deal before the season-ending race in California and worked it all out in six weeks. Now, we are honored to pass the torch to Roger Penske and Penske Corp., as they become just the fourth owner of the iconic speedway.

The deal represents a coup for Penske, whose IndyCar team is the most successful in Indy500 history with 18 victories.

Penske driver Josef Newgarden has won two of the last three IndyCar championships, clinching the 2019 title in September. "To me, I know what my job is", he said, according to ESPN.

Rumors regarding the future of the racing facility swirled after the death of the family matriarch and IMS Chairman of the Board Emeritus Mari Hulman George on November 3, 2018.

Penske is set to be joined at the four-turn, 2.5-mile (4.023-kilometer) oval by Hulman & Company chairman Tony George and Hulman & Company president and CEO Mark Miles to make the news official and to discuss the matter at length.

IMS earlier Monday sent a document to IndyCar teams, a copy of which was obtained by the AP, outlining the basics of the deal. The family will have an opportunity from Penske to remain involved with both the series and the speedway, and Tony George said he will take Penske up on the offer.

For decades Hulman & Company has overseen one of Indianapolis' greatest assets, acting as community partners and stewards of our state's most prized tradition. "Ultimately, it was made a decision to focus on the possible sale of the company and finding a buyer that would be the best steward of the company and its iconic assets".

Penske is the two-time defending champion of the Indy 500 and in October was given the Presidential Medal of Freedom by President Trump, who honored his contributions to sport, business and philanthropy.

Michael Andretti called it "positive news" for the series and the speedway. "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".

Mr. Penske's vision, team and high expectations will ensure Indiana's most iconic asset continues to grow. 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.

Penske has mixed track ownership and team ownership before, and the Detroit resident purchased Michigan International Speedway in 1973. 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.

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