Michigan’s Roger Penske buys Indianapolis Motor Speedway, IndyCar Series

Michigan’s Roger Penske buys Indianapolis Motor Speedway, IndyCar Series

Michigan’s Roger Penske buys Indianapolis Motor Speedway, IndyCar Series

Hulman & Company said on Monday it has agreed to sell the company and certain subsidiaries, including the Indianapolis Motor Speedway and NTT IndyCar Series to a subsidiary of Penske Corporation.

But matriarch Mari Hulman George, daughter of Tony Hulman, died last December and the family has now turned over all of its racing properties to Penske.

Roger Penske, a former racecar driver worth an estimated $1.6 billion, said he had fallen in love with the sport after a visit to the Indy 500 as a boy.

Financial terms of the deal were not disclosed.

With the deal announced Monday, Penske Entertainment Corp. will take over the iconic speedway, which has been in the Hulman family for 74 years, by early next year. Now, we are honored to pass the torch to Roger Penske and Penske Corp., as they become just the fourth owner of the iconic speedway.

Penske says he plans to step down from being a race strategist for Team Penske, which has won 18 Indianapolis 500 races over the years. That race is the showcase event of the IndyCar Series, whose championship was won by Penske driver Josef Newgarden this past season. "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.

Rumors regarding the future of the racing facility swirled after the death of the family matriarch and IMS Chairman of the Board Emeritus Mari Hulman George on November 3, 2018.

"We look around this 1,000 acres and we say, 'Can this be not only the racing capital of the world, but an entertainment capital of the world in IN and be able to support the state, the governor, the region, the city, the town of Speedway and continue to grow it?'" said Penske.

Penske says the acquisition is expected to close in January upon receipt of regulatory approvals and customary closing conditions. For a number of years, the Hulman & Company management and board have engaged outside advisers and experts to consider the full range of strategic options available.

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.

Michael Andretti called it "positive news" for the speedway and the series while Bobby Rahal called Penske the "perfect custodian". CART was once the most popular form of motorsports in America, but NASCAR swallowed open wheel racing during the tumultuous times after Tony George created the Indy Racing League.

Penske is very open to new ideas when it comes to the track.

Penske has mixed track ownership and team ownership before, and the Detroit resident purchased Michigan International Speedway in 1973. Penske's business has also operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedway over the years.

"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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