Paul Jeffrey
Premium
Automotive and motorsport giants Penske have purchased the NTT IndyCar Series and legendary Indianapolis Motor Speedway.
The evergreen Roger Penske (82), has pulled off one of the biggest purchases in motorsport earlier today, with his Penske Corporation having confirmed a deal has been agreed to purchase the rapidly growing NTT IndyCar Series, Indianapolis Motor Speedway and IMS Productions video company from current holders Hulman and Co.
The deal has been agreed with Penske Entertainment Corp. a subsidiary of the world renowned Penske Corporate empire that has been at the top of IndyCar racing, NASCAR and now also Australian Supercars and select endurance race series for a number of decades.
Already past his 80th year, Roger Penske is no stranger to the world of circuit ownership, having taken control of the Michigan International Speedway in 1973, and has been involved in the ownership and development of venues at the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. Penske Corporation currently promotes and operates the Detroit Grand Prix, hosting IndyCar events annually at the Belle Isle Park street circuit.
The evergreen Roger Penske (82), has pulled off one of the biggest purchases in motorsport earlier today, with his Penske Corporation having confirmed a deal has been agreed to purchase the rapidly growing NTT IndyCar Series, Indianapolis Motor Speedway and IMS Productions video company from current holders Hulman and Co.
The deal has been agreed with Penske Entertainment Corp. a subsidiary of the world renowned Penske Corporate empire that has been at the top of IndyCar racing, NASCAR and now also Australian Supercars and select endurance race series for a number of decades.
“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. “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.”
Already past his 80th year, Roger Penske is no stranger to the world of circuit ownership, having taken control of the Michigan International Speedway in 1973, and has been involved in the ownership and development of venues at the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. Penske Corporation currently promotes and operates the Detroit Grand Prix, hosting IndyCar events annually at the Belle Isle Park street circuit.
“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. “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.”
Anyone who wonders if a current IndyCar team owner (fielding three cars no-less) offers a conflict of interest owning the outright series in which he races, will do well to remember that current President Tony George owned Vision Racing, running under the then IRL regulations from 2005 to 2012. George would then go on to co found Ed Carpenter Racing with stepson Ed Carpenter, a team that still races in the NTT IndyCar Series to this date.
