Roger Penske already owned Indy!

Tanya Simon
November 7, 2019

An absolute bombshell dropped on the open-wheel world this morning as Hulman & Company - the parent company of the Indianapolis Motor Speedway and the IndyCar Series - announce that the organization will be sold to Penske Corporation.

Penske, meanwhile, received strong support from rival race team owners. The 82-year-old has the most wins as a auto owner (18) in Indy 500 history.

A copy of an IndyCar memo sent to all team, and obtained by the Associated Press, stated that Penske, "with its 64,000-plus employees and more than $32 billion in consolidated revenue" is set to succeed after the sale. "Ultimately, it was made a decision to focus on the possible sale of the company and finding a buyer that would be the best steward of the company and its iconic assets".

Now he owns the iconic speedway, its hallowed grounds, "The Greatest Spectacle in Racing", the IndyCar Series and all its properties in a stunning deal announced Monday.

"I can not think of a better owner than Roger Penske and his corporation to ensure the future and growth of IndyCar", Zak Brown, CEO of McLaren, told the AP.

The deal came together quickly, but they are not saying what Penske is paying for the track, racing league and the video production services. That group is a subsidiary of Penske Corp., which is owned by billionaire Roger Penske. "His many successful business ventures underline the fact that he is the flawless custodian of one of the most historic venues in the world and is the ideal architect to build the foundation for the next 100-plus years of the sport". "But he's got a lot of energy and he's a smart businessman".

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The document states Penske Corp. approached the Hulman board in the fall about the purchase.

Penske driver Josef Newgarden has won two of the last three IndyCar championships, clinching the 2019 title in September. Penske teams remained in CART, and CART teams were not welcome at the 500. He later owned California Speedway and now runs the Detroit Grand Prix doubleheader IndyCar weekend. "When we buy a business, we look at the people, and the great thing is we've rubbed shoulders with numerous people here over the years, so we've seen this organization grow, and I certainly think that certainly". Penske has been known for adding entertainment to the racing circuit, growing the events beyond just the races into larger community events.

Penske said it was too soon to comment on guaranteeing Indy 500 spots, but he wants to discuss bigger and bolder visions.

"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.

"I'm prepared to take a risk - no risk, no reward in many cases".

"I always like to work from a top 10 and see the things that we can do to make it fan-friendly, certainly from a competitive perspective", Penske said.

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