Monday, November 04, 2019

Penske Acquires Indianapolis Motor Speedway, IndyCar

For the first time in 74 years, the Indianapolis Motor Speedway has a new owner.
Penske Entertainment Corp. – owned by billionaire businessman and legendary race team owner Roger Penske -- has acquired IMS, the NTT IndyCar Series and IMS Productions from the Hulman family, which has owned the Brickyard since 1945.
The sale was announced to IndyCar teams in a written announcement earlier today.
“We have found the ideal steward of the company and its iconic assets,” said the announcement. “Penske Corporation -- with its 64,000-plus employees and more than $32 billion in consolidated revenue -- will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP.”
The sale is expected to close in early January.
Penske – whose teams have won a record 18 Indianapolis 500-mile races and 15 IndyCar championships – will become only the fourth owner of the iconic, 110-year-old speedway. Hulman & Company patriarch Tony Hulman purchased the track in 1945, returning the facility to its pre-WWII glory. His family, including daughter Mari Hulman George and grandson Tony George, have steered the facility since Hulman’s death in 1977. They began actively divesting their holdings about a year ago, and today’s announcement comes a year and a day after the passing of Mari Hulman George on Nov. 3, 2018.
"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,” said the announcement sent to IndyCar teams. “Ultimately, it was decided to focus on the possible sale of the company and finding a buyer.”
The 82-year old Penske’s involvement in motorsports is lengthy and widespread. He is a former owner of Michigan International Speedway and Auto Club Speedway in California. He currently promotes the Detroit Grand Prix IndyCar event, in addition to fielding IndyCar Series entries for Helio Castroneves, Juan Pablo Montoya, Josef Newgarden, Simon Pagenaud and Will Power. He is also a major player in NASCAR, fielding Monster Energy Cup Series Fords for Brad Keselowski, Joey Logano, and Ryan Blaney. He also fields a full-time Xfinity Series Mustang for Austin Cindric, along with a part-time entry driven by a rotating roster of drivers that includes, Keselowski, Logano, Blaney and Paul Menard. His teams have won 187 races in NASCAR top two divisions.
He was awarded the Presidential Medal of Freedom by president Donald J. Trump last month, in recognition of his accomplishments in business and motorsports.

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