Penske purchased IndyCar Series and Indianapolis Motor Speedway
The year 2019 will be remembered as one of the milestone years and the beginning of the new era in the North American open-wheel racing but also in motorsport in general.
After more than seven decades, the Indianapolis Motor Speedway is getting a new owner because it was announced that Penske Corporation, founded and owned by Roger ‘The Captain’ Penske, bought all Hulman & Company principal operating assets, including the Speedway, the NTT IndyCar Series and IMS Productions.
The Indianapolis Motor Speedway, one of the world’s most famous motorsport facilities, was built in 1909 by a visionary architect Carl Fisher. Eddie Rickenbacker later purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman & Company in 1945.
The Speedway has been the host of the world’s largest single-day sporting event – the Indianapolis 500 Mile Race – for more than 100 years. The iconic race track is also hosting NASCAR races and once it was a venue of the Formula One US Grand Prix.
“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. 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,” Roger Penske said. He also said that he would love to get Formula 1 back to Indianapolis in the future, but also to expand racing events to endurance races.
“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place. 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,” said Tony George, Chairman of Hulman & Company.
Penske Corporation has a rich history of managing major motorsports properties. Back in 1973, the Michigan International Speedway had been bought by Penske. Over the decades, Penske Corporation and its subsidiaries have also operated 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, hosted annually at the Belle Isle Park street circuit.
Photos: IndyCar Series, IMS,