Among the subsidiaries of Hulman & Company that have been acquired by Penske Entertainment Corporation are Indianapolis Motor Speedway, Indianapolis Motor Speedway Productions and the NTT IndyCar Series itself.
Penske and Hulman & Company, the selling party, confirmed the sale on Monday. Financial terms of the deal are not being disclosed.
The family has now turned its racing properties over to Penske in an announcement made one day after the one-year anniversary of Hulman George's death. Roger Penske will become just the fourth owner of the 110-year-old 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. Penske also owns multiple race teams, fielding drivers like 2019 Indianapolis 500 victor Simon Pagenaud and 2012 NASCAR champion and MI native Brad Keselowski.
"This business is not broken; this is a great business and the leadership team that's been here has done an outstanding job and what we want to do is be a support tool", said Penske.
Miles added that the Hulman family will still be involved.
"Roger Penske's commitment to the sport we love is over six decades long, and I am confident that his stewardship of the Indianapolis Motor Speedway and the IndyCar Series will ensure a great future for the sport", he said.
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The deal was done in roughly six weeks and began when Tony George, grandson of Tony Hulman, approached Penske before the season-ending race in California in September.
The final transaction is expected to close in January, prior to the start of North American racing season, following the receipt of applicable government approvals and other standard conditions.
"We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing.it will be an honor for Penske Corporation to help lead these great institutions forward into a new era".
"We have found the ideal steward of the company and its iconic assets", the document states.
The 82 year old received the Presidential Medal of Freedom in October and is known in MI for his efforts to fuel Detroit's resurgence.
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. Chip Ganassi said Penske called him early Monday morning before the sale was announced to inform him, adding "the place is going to be run like a business now".
Penske is very open to new ideas when it comes to the track. Penske teams remained in CART, and CART teams were not welcome at the 500. He was the owner of Michigan Speedway, Auto Club Speedway, Nazareth Speedway and South Carolina Speedway. He later owned California Speedway and now runs the Detroit Grand Prix doubleheader IndyCar weekend. We all realize that as a family and organization we had probably taken it as far as we can.