Penske Entertainment Corp. buys IMS and IndyCar Series from Hulman Family

Ross Houston
November 7, 2019

Miles along with Chairman Tony George and Penske Corp will sit at the table.

With such an investment now at his fingertips, Penske will have a lot of juggling to do as he balances his NASCAR, IndyCar, IMSA sports auto and Australian Supercars properties.

Now, though, Penske's business-savvy will take center stage as he works to grow the Indianapolis 500 and American open-wheel racing as a whole back to the glory it basked in several decades earlier.

The most successful team owner in the history of IndyCar (16 championships, 212 wins) and the Indy 500 history (18 wins) pointed out that previous drivers and team owners have owned the Speedway and that he would not allow his ownership of the track and series to influence the races.

At 82, this may seem like an extremely ambitious project, but it will also be his legacy.

George said he approached Penske after the final race of the season earlier this year and said he wanted to talk to him about "stewardship" of the speedway and IndyCar. On Monday, however, he has taken on a "Mount Everest" challenge.

Mark Miles, the chief executive and president of Hulman, said the sale was taking place with IndyCar enjoying a boost in television ratings popularity.

"We don't have a gymnasium full of people to bring here".

"I know (Roger) to be a great corporate citizen; I know their company thinks that way. To me, I know what my job is", he said, according to ESPN. "We support to continue elevating this [IndyCar/IMS] and staking a new claim on its future". "We're going to invest capital. It's important to us". Roger Penske will become just the fourth owner of the 110-year-old speedway. He has a photo of himself sitting in the seat of an old "Roadster" show vehicle from that day.

Tony Hulman first bought the Speedway, home of the historic Indianapolis 500, in 1945, with the circuit having opened in 1909.

The Indianapolis Motor Speedway has a new owner. Ryan Myrehn, Pit Reporter for the IMS Radio Network, says Penske's success as a businessman will be beneficial for the Speedway and for the Indycar series. You won't see me there on race day. "I tell my wife that this is my fishing trip and golf game". It will be nice to bring another vehicle manufacturer in. Can we run a Formula 1 race here? We built California. We help with the promotion of the Grand Prix in Detroit.

CART was once the most popular form of motorsports in the USA, but NASCAR swallowed open-wheel racing during the tumultuous times after Tony George created the Indy Racing League. But I don't want to leave this conversation without you knowing that I understand integrity, and there's got to be a bright line. Hopefully, I have enough credibility to make sure it's not a conflict.

"I think as you look at the construct as we go forward, the sanctioning body and the IRL will be a separate company", said Penske in a news conference. In the meantime, Penske has also made significant investments in other tracks across the United States.

The Indianapolis 500 is the largest single day sporting event in the world.

"There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future". "As a racing fan, my excitement is only equaled by my appreciation for the longtime Hulman-George commitment to the past and future of the sport of racing and to our great state".

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