Roger Penske assumed ownership of the famed Indianapolis Motor Speedway and the IndyCar Series on Monday, completing a stunning acquisition that confirms Penske Corp. as the fourth owner in the Indy circuit’s history.
Penske, 82, bought the storied open-wheel racing properties from Hulman & Co. in a deal first announced in October. The Hulman family had owned the Indianapolis Motor Speedway since 1945.
“We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” Penske said 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.”
The deal’s financial terms were not publicly disclosed. However, discussions for the sale were said to include offers of $250 million to $300 million for the properties, sources with knowledge of the matter told the Associated Press.
Penske Corp. has committed to investing money in upgrades to the facility. Penske also acquired the circuit’s production wing, IMS Productions.
The new ownership group is expected to begin major facility upgrades after the July 4 NASCAR race weekend, NBC Sports reported. Other targeted improvements include an increased focus on corporate sponsorships, esports and potential sports betting relationships.
Penke will add his own board of directors to oversee IndyCar’s operations but does not plan to replace existing leadership.
Penske has a personal net worth of $1.6 billion, according to Forbes. He's a longtime race team owner and member of the Automotive Hall of Fame, Penske received the Presidential Medal of Freedom from President Trump last October.
The Associated Press contributed to this report.