Roger Penske Buys Indianapolis Motor Speedway and IndyCar Series

Roger Penske buys IndyCar, Indianapolis Motor Speedway

Penske Entertainment Corp. - a subsidiary of the Penske Corporation owned by Detroit businessman Roger Penske - is purchasing Indianapolis Motor Speedway, the NTT IndyCar Series and IMS Productions, according to an IMS and IndyCar news release Monday morning.

"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.

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.

Management at Hulman, the track, and IndyCar Series will remain intact, but Penske has clear designs for growing the assets, including a possible return of Formula 1 to Indianapolis, where such races were held from 2000-07, and staging a 24-hour race there.

While Roger Penske metaphorically owned the Indianapolis Motor Speedway previously, by way of his record 18 Indianapolis 500 victories as a auto owner, he now literally owns the track, the series, and additionally, IMS Productions. "We were teammates for John Mecom a long time ago in sports cars and I feel like we both respect each other".

Michael Andretti called it "positive news" for the speedway and the series while Bobby Rahal called Penske the "perfect custodian". The final purchase from the Hulman George Family won't be completed for the next 30 to 60 days while it gets reviewed by lawyers and approved by the government.

"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", said Miles. The deal is expected be finalized in January, the AP reported. He also is co-owner of Ed Carpenter Racing, the team run by his son. George was emotional giving up the 110-year-old race track, but felt it was time.

Joe Hogsett, Mayor of Indianapolis commented: "Today marks the start of a new chapter for the city of Indianapolis, as the torch is passed from the Hulman-George family to another leader who shares a passion for the famed Indianapolis Motor Speedway and the legacy of IndyCar". But matriarch Mari Hulman George, daughter of Tony Hulman, died last November and her children and the board have made a series of moves divesting their businesses.

"I'm prepared to take a risk - no risk, no reward in many cases".

"I understand the integrity".

"I always like to work from a top 10 and see the things that we can do to make it fan-friendly, certainly from a competitive perspective", Penske said. "So I've got a lot of guys watching me".

Penske now also operates IndyCar's Detroit Grand Prix.

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.

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