Penske Corp purchases IndyCar, Indianapolis Motor Speedway

Penske Corp purchases IndyCar, Indianapolis Motor Speedway

Penske Corp purchases IndyCar, Indianapolis Motor Speedway

The company's board of directors announced Monday plans to sell Hulman & Co. and its subsidiaries, the Indianapolis Motor Speedway, the NTT IndyCar Series, and IMS Productions, to Penske Entertainment Corp.

Penske and Hulman & Company, the selling party, confirmed the sale on Monday.

Terms of the deal were not disclosed.

The track has been owned and run by the same family since Tony Hulman purchased the deteriorated track in 1945.

Roger Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud's win in May.

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The Captain's six most recent Indy 500 victories have all been earned by different drivers going back to 2003, with Gil de Ferran winning in 2003, Sam Hornish Jr. winning in 2006, three-time victor Helio Castroneves winning in 2009, two-time victor Juan Pablo Montoya winning in 2015, Will Power winning in 2018 and most recently Simon Pagenaud winning earlier this year. As far as IndyCar is concerned, Penske claimed that he will step down from the box to assume his new role, meaning he will no longer call the shots for Team Penske drivers. "So today I hope my dad's looking down at me and looking at this group and saying, 'Son, you did a good job, '" Penske added.

Miles added that the Hulman family will still be involved.

"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", Miles said in a statement.

At a news conference at IMS, Tony George said the proposed new owner is "ideally suited" to take over.

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

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A copy of an IndyCar memo sent to all team, and obtained by the Associated Press, stated that Penske, "with its 64,000-plus employees and more than $32 billion in consolidated revenue" is set to succeed after the sale. "Ultimately, it was chose 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".

Ganassi's support was echoed by RLL co-owner Bobby Rahal. Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month. Penske teams remained in CART, and CART teams were not welcome at the 500.

Entrepreneur and former auto racing professional receives award. The split fractured open-wheel racing in North America and it has never recovered even after CART conceded and merged into what is now known as IndyCar.

Penske has mixed track ownership and team ownership before, and the Detroit resident purchased Michigan International Speedway in 1973. Along with IndyCar, the Indianapolis Motor Speedway forms the core of an entire racing industry that employs thousands of people and pumps hundreds of millions of dollars into our economy.

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