Roger Penske has finalized his purchase of the IndyCar Series and Indianapolis Motor Speedway.
The businessman and team owner is planning to make significant investments into the sport and the circuit. For 74 years, Indianapolis Motor Speedway has been owned by the Hulman family and, under Penske’s leadership, could even see the return of Formula 1 to the track.
“We want to add capability, more fan zones. What can we use this for? Can we run a 24-hour race here? Can we run a Formula 1 race here? What are the things that we can do? This is a great asset,” Penske said at a press conference announcing the deal. “My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father. We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing.”
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The purchase will be made through Penske Entertainment Corporation which is a subsidiary of Penske Corporation.
The former racer currently fields three entries in the IndyCar Series including 2019 Indy 500 winner Simon Pagenaud and 2019 drivers’ champion Josef Newgarden.
“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,” president and chief executive of Hulman & Company, Mark Miles said. “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.”
