Penske Corp is the new owner of the Indianapolis Motor Speedway, IndyCar and related businesses.
Penske Corp reached an agreement Monday to buy the iconic speedway which is home to the Indianapolis 500 from the Hulman family who owned "The Greatest Spectacle in Racing" for nearly 75 years, according to ESPN.
Penske Entertainment, a subsidiary of Penske Corp, will assume control of the IndyCar Series and related properties. The transaction is considered one of the largest in the history of motorsports, ESPN wrote.
"It's obviously emotionally difficult," Tony George, grandson of Tony Hulman, told ESPN. "We all love it and we all care deeply. We all realize that as a family and organization we had probably taken it as far as we can. Roger Penske's resources will only take this to another level."
Roger Penske is the chairman of Penske Corp and CEO of Penske Autmiatve Group (NYSE: PAG).
Why It's Important
Motorsport fans may have reason to be considered with the transaction as the new ownership team is open to new ideas like guaranteeing spots in the Indianapolis 500 to full-time IndyCar teams, according to ESPN. Fans are "vehemently against the idea and argue the show is enhanced by the trials of a driver trying to qualify for the event."
"We've got to try some things," Penske told ESPN. "I am prepared to take a risk. No risk, no reward."
The transaction is expected to close in January 2020, according to ESPN.
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