Penske is acquiring the Indianapolis Motor Speedway, the famed 110-year-old, 4 km oval track in IN, and the IndyCar Series, in which the Indianapolis 500 is the crown jewel known as "The Greatest Spectacle in Racing". Indianapolis has hosted just about every major asphalt racing series in the United States, including Formula 1, NASCAR, IndyCar and MotoGP.
Mark Miles, President and CEO of Hulman & Company 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".
"I know what my job is, and hopefully I've got enough credibility with everyone that we can be sure that there is not a conflict - and I'll do my very best to be sure there isn't".
Michael Andretti called it "positive news" for the speedway and the series while Bobby Rahal called Penske the "perfect custodian".
Penske Corp.'s Penske Entertainment division is acquiring the storied racetrack, IndyCar and a production unit for undisclosed terms, Hulman & Co. said Monday.
"We also would like to thank the Hulman-George family for their dedication to the sport and building the Indianapolis 500 into one of the most successful sporting events in the world over the past seven decades".
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George said he approached Penske after the final race of the season earlier this year and said he wanted to talk to him about "stewardship" of the speedway and IndyCar. The sale is expected to close in early January, according to a document of message points sent to IndyCar teams on Monday, a copy of which was obtained by the AP. He said they will sit down with the team owners to discuss other ways to improve the sport. "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".
"I understand the integrity".
"My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father", the 82-year-old tycoon said. "But he's got a lot of energy and he's a smart businessman". But matriarch Mari Hulman George, daughter of Tony Hulman, died last November and her children and the board have made a series of moves divesting their businesses.
"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.
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.
"I'm prepared to take a risk - no risk, no reward in many cases". He later owned California Speedway, as well, and now runs the Detroit Grand Prix doubleheader IndyCar weekend.