Billionaire Roger Penske buys iconic Indianapolis Motor Speedway
In an unprecedented move, Penske Entertainment Corp is buying Indianapolis Motor Speedway, the IndyCar Series, and all of its properties.
Eighty-two-year old Roger Penske, who received the Presidential Medal of Freedom from President Donald J. Trump last month, will become the fourth owner of the 110-year-old speedway.
The deal, announced on Monday, November 4th, is expected to close in early January and will relinquish the ownership of the iconic speedway from the Hulman family after 74 years.
Founder of the Penske Corporation Roger Penske thanks Hulman & Company Chairman Tony George, the grandson of Tony Hulman who bought the run-down track in 1945 and revived racing back to the corner of 16th St. and Georgetown Ave.
[Roger Penske, Penske Corporation Founder: "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. It's my commitment to the home and family, to the fact that you'd select us. It's the opportunity to take on this investment. It's amazing.”
The deal was clinched within six weeks after George approached the billionaire. A poignant George says it is time to give up the family-owned 110-year-old racetrack.
[Tony George, Chairman of Hulman and Company]: "We've literally grown up around it. Our kids and grandkids have done the same. So bittersweet, but very exciting for us because we know that we're passing the torch to an individual who has created an organization that is not only dynamic, but it's ideally suited, I think, to take over this stewardship."
Penske believes his father would be proud of his latest acquisition.