The motorsports world woke up to a historic announcement today with Roger Penske acquiring the Indianapolis Motor Speedway and the IndyCar Series from Hulman & Company, which have operated Indianapolis Motor Speedway for 74 years.
At today’s press conference, which you can read here, Tony George, the Chairman of Hulman & Company, said: “We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place.”
Roger Penske discussed his time at IMS saying “My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” he also thanked Tony George and what it means to own IMS saying “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 & Company for the opportunity to build on this legacy, and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.”
Roger Penske’s historic motorsports career began in the late 1950s when he made his racing debut at Marlboro Motor Raceway in Upper Marlboro, MD. He continued his racing career in Formula One and NASCAR before retiring in 1965. His first race as an owner came at the 1966 24-Hours of Daytona.
He then founded the Penske Corporation in 1969. Since then, he’s expanded into the motorsports world purchasing Michigan International Speedway in 1973. He also owned at one time Nazareth Speedway, North Carolina Motor Speedway, Homestead-Miami Speedway, and California Speedway. He also helped run the Grand Prix of Cleveland, and currently the Detroit Grand Prix.
Penske not only owns MIS, IMS, and IndyCar, but he also owns several racing teams in NASCAR, IndyCar, IMSA, and Australian V8 Supercars. His teams have combined to win fourteen championships, including five IndyCar Series Championships, two NASCAR Monster Energy Cup Championships, and one NASCAR Xfinity Series Championship.
His IMSA team recently won the 2019 IMSA WeatherTech SportsCar Championship. He has been inducted into several motorsports halls of fame, including the NASCAR Hall of Fame in 2019, the International Motorsports Hall of Fame in 1998, the Motorsports Hall of Fame of America in 1995, and the Indianapolis Motor Speedway Hall of Fame in 2002. He also received the Presidential Medal of Freedom in 2019.
President and CEO of Hulman & Company Mark Miles talked about the growth of IndyCar saying “The Indianapolis Motor Speedway, the Indianapolis 500 Mile Race and the NTT IndyCar Series have enjoyed considerable growth over the past decade, with significant increases in television, digital and social media audiences combined with record attendance at many of our race venues.”
Miles added that he is looking forward working with Penske saying “With their track record of business success, their venue, operation, and event experience, and their passion for motorsports, Roger Penske and Penske Corporation will help us take the IndyCar Series, the Indianapolis Motor Speedway and all of our properties to new heights. Everyone on our team looks forward to working with them to capitalize on the momentum that the Series and the Speedway have achieved.”
