Global transportation, automotive, and motorsports conglomerate Penske Corp has completed its acquisition of the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series, and IMS Productions.
It was announced in November that the parent company of one of IndyCar’s most successful outfits, Team Penske, would become the new owner of the motorsport series and succeed Hulman & Co. after more than seven decades of control.
“We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” said Penske Corp founder and chairman Roger Penske in a statement. “We have been diligently working with the teams at IMS, Indycar and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running. Now, it is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series.”
Penske Corp becomes just the fourth owner of the iconic Indianapolis Motor Speedway, following Carl Fisher, who built the track in 1909, Eddie Rickenbacker, who purchased IMS in 1927, and Hulman & Co, which has owned and managed the Speedway since 1945.
Penske said in November that he has designs for turning Indianapolis Motor Speedway into “the entertainment capital of Indiana”, which could include bringing a Formula One race to the track. “This business is not broken,” he said. “We’re going to invest capital. We want to grow this.”
Andretti Autosport owner Michael Andretti called it “positive news” for the series and the speedway. “Roger has always strived to do great things for both IMS and Indy car racing, and I’m sure he will continue to do so in this new ownership position,” Andretti told AP. “Both the Indy 500 and the NTT IndyCar Series have been on a rise and I look forward to the continued climb.”
“I cannot think of a better owner than Roger Penske and his corporation to ensure the future and growth of IndyCar,” said Zak Brown, the chief executive of of McLaren, which is entering IndyCar next season. “His business acumen and dedication to IndyCar racing and passion for the Indianapolis Motor Speedway is second to none.”