Penske completes deal for Indianapolis Motor Speedway

Global transportation, automotive and motorsport specialist Penske Corporation has today (Monday) completed its acquisition of the Indianapolis Motor Speedway and the IndyCar motorsport series.

An agreement was first reached for the Penske Entertainment Corp. subsidiary to assume control of the properties in November and the deal has now been finalised.

Penske Corporation becomes only the fourth owner in the history of the iconic Indianapolis Motor Speedway. Previous owners include Carl Fisher, who built the track in 1909, Eddie Rickenbacker, who purchased the venue in 1927, and Tony Hulman and Hulman & Company, which had owned and managed the circuit since 1945.

Penske has also acquired IMS Productions, a video services and production company.

Roger Penske said: “We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing. 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.”

The Indianapolis Motor Speedway hosts the Indianapolis 500 Mile Race and has also staged Nascar, Formula One and other series over the years.

Penske Corporation acquired Michigan International Speedway in 1973 and its subsidiaries have also managed the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, and invested in North Carolina Motor Speedway and Homestead-Miami Speedway.

Image: Indianapolis Motor Speedway