Penske Buys IndyCar & Indianapolis Motor Speedway

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.

“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.”
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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.

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Ryno917

1000RPM
Who do I speak to, to buy Mosport? Canadian Tire? :roflmao:

Jokes aside, this sounds like a positive news.
Ron Fellows. :)

Surprising news when I heard it this morning. At first my knee-jerk reaction was in the vein of conflict of interest, but then remembered Panoz owned ALMS, several race tracks and a team for many years and that more or less worked out well.
 
I could not care less about a possible conflict of interest... This is motor racing, after all and we all know *everything* is clean and proper in that business... right? ;)

Seriously, if anybody must own the Indycar series, I prefer if it's Roger Penske. He's always been a supporter of Indy racing, that's where his heart really is, not NASCAR.
 

PGSM

10RPM
I like Roger. I'm happy for this news.
As Indy is converted to a partial road course for IndyCar, I hope he adds other races as well. IMSA, SRO, and who knows what else. I've had a love hate relationship with IMS as things have been run in a not-so-efficient way and at times they price-gouge the customer. Hopefully Roger will change things and make it a bit more accessible for fans and other forms of racing. We go there only once a year, I wouldn't mind going a lot more.
 

Mikec87

100RPM
Premium
Being from Australia, I guess I am out of the loop when it comes to this news, but from what I gather, will be good hopefully. There is talk of Indycar coming back to Australia, probably Sydney.....but Bathurst would be interesting :)

Another thing....Roger is 82 and still setting goals and living life to the full. That is a really cool thing. I know too many in their 60s that just retire and stop....
 

Brandon Wright

I may not be fast, but I'm wide!
I like Roger. I'm happy for this news.
As Indy is converted to a partial road course for IndyCar, I hope he adds other races as well. IMSA, SRO, and who knows what else. I've had a love hate relationship with IMS as things have been run in a not-so-efficient way and at times they price-gouge the customer. Hopefully Roger will change things and make it a bit more accessible for fans and other forms of racing. We go there only once a year, I wouldn't mind going a lot more.
SRO isi already coming next year, 8 hour endurance race. Motorcycles are coming back next year too with MotoAmerica.



End of the day, I have to believe this is a good thing. They have struggled to get sponsors and purses and a new engine manufacturer, I presume people are going to be a bit more inclined to answer the phone when Mr. Penske calls. He's got the clout and connections to make things happen. He's got the money to do whatever he wishes with the place too, and I believe anything he does will benefit and be in the best interest of the sport and the track. Far better for someone like Roger to buy it than some consortium of investors who only care about their bottom dollar. I think the future of IndyCar will be bright, and entertaining. Looking forward to any improvements he makes to my home track, and hope he continues all the traditions we hold dear.

Funny thing, I applied for and almost go a job in their print shop earlier this year. Kinda wild to think I could have woken up yesterday as a Penske employee! :confused:
 

PGSM

10RPM
SRO isi already coming next year, 8 hour endurance race. Motorcycles are coming back next year too with MotoAmerica.



End of the day, I have to believe this is a good thing. They have struggled to get sponsors and purses and a new engine manufacturer, I presume people are going to be a bit more inclined to answer the phone when Mr. Penske calls. He's got the clout and connections to make things happen. He's got the money to do whatever he wishes with the place too, and I believe anything he does will benefit and be in the best interest of the sport and the track. Far better for someone like Roger to buy it than some consortium of investors who only care about their bottom dollar. I think the future of IndyCar will be bright, and entertaining. Looking forward to any improvements he makes to my home track, and hope he continues all the traditions we hold dear.

Funny thing, I applied for and almost go a job in their print shop earlier this year. Kinda wild to think I could have woken up yesterday as a Penske employee! :confused:
Awesome. Great to hear that things are already moving in that direction.
And maybe with Roger in charge now, you'll still get that job!
 

wombat999

500RPM
I'm really pleased to see Mr.Penske continuing to invest in motorsport. I always thought it was a shame he never continued as a driver (he was bloody good!) but his career as a team owner and his entire support for racing has been most impressive.
:thumbsup:
 
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