Friday, 22 November, 2019

Penske Buys Indianapolis Motor Speedway, IndyCar Series

Roger Penske buys IndyCar, Indianapolis Motor Speedway Roger Penske buys Indianapolis Motor Speedway and IndyCar
Rhonda Reese | 05 November, 2019, 00:25

The owners of the Indianapolis Motor Speedway and IndyCar Series have agreed a sale with Penske Corporation in a blockbuster deal that caught USA motorsport by surprise on Monday.

The Board of Directors of Hulman & Company are set to announce the sale of the company and certain subsidiaries to Penske Entertainment Corporation, a subsidiary of Penske Corporation, the American diversified transportation services company founded by IndyCar team owner and motorsports icon Roger Penske. Penske has an estimated net worth of $1.6 billion, as of November 4, 2019, according to Forbes.

The deal should close in January.

"We're [Penske] a private company and Hulman & Co.is a private company, so we will not disclose price at this time", said Penske.

The Captain's six most recent Indy 500 victories have all been earned by different drivers going back to 2003, with Gil de Ferran winning in 2003, Sam Hornish Jr. winning in 2006, three-time victor Helio Castroneves winning in 2009, two-time victor Juan Pablo Montoya winning in 2015, Will Power winning in 2018 and most recently Simon Pagenaud winning earlier this year.

The Detroit Grand Prix NTT IndyCar Series event, hosted annually at Belle Isle Park, is also promoted and operated by Penske Corp.

"I think you look at 27 years, there's no reason to break that string of races", he said. He said the family approached Penske after the last race of the season as to not distract from the season.

Syrian Kurdish forces say they killed close al-Baghdadi aide
Baghdadi's body was "mutilated by the blasts", so United States forces had to use a DNA test onsite to confirm his identity. The video shows debris and rubble strewn across the area, identified as Barisha in Syria, with damaged cars and buildings.

IMS earlier Monday sent a document to IndyCar teams, a copy of which was obtained by the AP, outlining the basics of the deal.

"We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing.it will be an honor for Penske Corporation to help lead these great institutions forward into a new era".

"We have found the ideal steward of the company and its iconic assets", the document said. "Penske Corporation - with its 64,000-plus employees and more than $32 billion in consolidated revenue - will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP. Ultimately, it was chose to focus on the possible sale of the company and finding a buyer that would be the best steward of the company and its iconic assets".

Support from rival team owners was immediate.

Michael Andretti called it "positive news" for the series and the speedway.

Mr. Penske's vision, team and high expectations will ensure Indiana's most iconic asset continues to grow.

Entrepreneur and former auto racing professional receives award. The split fractured open-wheel racing in North America and it has never recovered even after CART conceded and merged into what is presently known as IndyCar. He later owned California Speedway, as well, and now runs the Detroit Grand Prix doubleheader IndyCar weekend. "I've got a big commitment here to take over certainly as the steward of this great organization and what's been done here in the past for so many decades". Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month.

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