Penske subsidiary buys IndyCar and Indianapolis Motor Speedway

A subsidiary of the Penske Corporation has purchased the IndyCar Series and the Indianapolis Motor Speedway among other assets from the previous owner, Hulman and Company

Penske subsidiary buys IndyCar and Indianapolis Motor Speedway

The blockbuster purchase has been made by a Penske division named Penske Entertainment Corp, which means Penske's three-car IndyCar team will compete in a championship that is owned by its parent company.

Penske won both the 2019 Indianapolis 500 with Simon Pagenaud (below) and this year's IndyCar drivers' title with Josef Newgarden.

A short statement issued on Monday read: "The Board of Directors of Hulman and Company are announcing the sale of the company and certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp, a subsidiary of Penske Corporation."

"We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place," said Tony George, Hulman and Company chairman.

"The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years.

"Now, we are honoured to pass the torch to Roger Penske and Penske Corporation, as they become just the fourth owner of the iconic Speedway.

"There is no one more capable and qualified than Roger and his organisation to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future."

Penske added: "My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father.

"We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing.

"I want to thank Hulman and Company for the opportunity to build on this legacy and it will be an honour for Penske Corporation to help lead these great institutions forward into a new era."

Penske has branched out in recent years, adding a Supercars venture with DJR in Australia to its long-term NASCAR and IndyCar programmes.

From this week, and for the foreseeable future, Autosport magazine print edition will be returning to the price of £3.99

shares
comments
McLaren will pay Hinchcliffe's '20 IndyCar salary after ousting him

Previous article

McLaren will pay Hinchcliffe's '20 IndyCar salary after ousting him

Next article

IndyCar: Penske purchase will add manufacturer and sponsor interest

IndyCar: Penske purchase will add manufacturer and sponsor interest
Load comments
The F1 champion who became an Indy king in his second career Plus

The F1 champion who became an Indy king in his second career

Emerson Fittipaldi’s decision to go racing with his brother led to him falling out of F1, but he bloomed again on the IndyCar scene. NIGEL ROEBUCK considers a career of two halves

The lasting legacy of a fallen Indycar rookie Plus

The lasting legacy of a fallen Indycar rookie

Jeff Krosnoff was plucked out of obscurity to become a respected and highly popular professional in Japan, and then got his big break in Indycar for 1996. But a tragic accident at Toronto 25 years ago cut short a promising career and curtailed his regular team-mate Mauro Martini's passion for racing

IndyCar
Jul 14, 2021
The two key areas where Dixon needs to re-assert his authority Plus

The two key areas where Dixon needs to re-assert his authority

OPINION: Having been Chip Ganassi Racing's IndyCar focal point for the best part of a decade, Scott Dixon has been so far outgunned by new team-mate Alex Palou in 2021. After finishing behind the Spaniard at his traditional happy hunting ground at Mid-Ohio, Dixon has work to do to assume his traditional position in the team and the standings

IndyCar
Jul 6, 2021
The winners and losers of IndyCar 2021 so far Plus

The winners and losers of IndyCar 2021 so far

At the halfway point in the 2021 IndyCar Series season, we've had seven winners in eight races, spread between five teams – none of them Team Penske. In this unusual season, even by IndyCar standards, who’s excelling and who’s dragging their heels?

IndyCar
Jun 18, 2021
Castroneves: How I kept it under control to make Indy 500 history Plus

Castroneves: How I kept it under control to make Indy 500 history

Helio Castroneves’ overwhelming vivaciousness outside the cockpit belies a hardcore racer who knows how to plot his moves – and then recall it all. A day after his fourth Indy 500 win, he explained his tactics

IndyCar
Jun 2, 2021
How 'chess master' Castroneves cemented his Indy legend status Plus

How 'chess master' Castroneves cemented his Indy legend status

Helio Castroneves joined AJ Foyt, Al Unser and Rick Mears with the most Indianapolis 500 wins after edging past Alex Palou on the penultimate lap of a thrilling race that validated Michael Shank's faith in the veteran Brazilian - who is discovering that there is life after Penske after all

IndyCar
Jun 1, 2021
Indy 500 preview: Will experience or youth be victorious at the Brickyard? Plus

Indy 500 preview: Will experience or youth be victorious at the Brickyard?

A quarter of the drivers racing in the 105th edition of the Indianapolis 500 are former winners - but are they the favourites? The veteran drivers largely impressed in qualifying - but there's also a plethora of young guns looking to secure victory at IndyCar's flagship race...

IndyCar
May 27, 2021
What will it take to get American drivers in Formula 1? Plus

What will it take to get American drivers in Formula 1?

The FIA says it wants American drivers in Formula 1, but would it take an IndyCar driver to transfer or does an American need to join the European junior ladder system to get there?

Formula 1
May 19, 2021