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Penske acquires IMS, IndyCar Series and IMS productions as part of sale of Hulman & Company

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Posted at 8:14 AM, Nov 04, 2019
and last updated 2019-11-04 23:46:05-05

INDIANAPOLIS — Penske Entertainment Corp. is the new owner of the Indianapolis Motor Speedway.

The Board of Directors of Hulman & Company made the announcement Monday, detailing the sale of certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment.

Roger Penske will become just the fourth owner of the 110-year-old speedway. Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud's win in May.

"My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father," said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. "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."

"The transaction will close following receipt of applicable government approvals and other standard conditions," IMS said in a press release issued Monday morning.

Carl Fisher built the Indianapolis Motor Speedway in 1909 and the track hosted its first races later that year. Eddie Rickenbacker later purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman & Company in 1945.

Hulman brought racing back to the corner of 16th St. and Georgetown Ave. after a four-year absence following World War II.

The track has hosted the Indianapolis 500 Mile Race for more than 100 years along with NASCAR, Formula One and other racing series events throughout history.

"We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place," said Tony George, Chairman of Hulman & Company. "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 honored 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 organization to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future."

Indianapolis Mayor Joe Hogsett released the following statement about the sale on Monday:
“Today marks the start of a new chapter for the city of Indianapolis, as the torch is passed from the Hulman George family to another leader who shares a passion for the famed Indianapolis Motor Speedway and the legacy of IndyCar.

For decades Hulman & Company has overseen one of Indianapolis’ greatest assets, acting as community partners and stewards of our state’s most prized tradition. Residents across the city and around the globe, all have stories of the wonder of IMS, thanks to the dedication of the Hulman George family.

I know Roger Penske and the Penske Corporation will continue this legacy, acting as ambassadors for Indianapolis and presiding over another century of progress, innovation, and sporting excellence at the world’s greatest racetrack.”

Indiana Governor Eric Holcomb also released a statement about the sale:
“The biggest single day sporting event on planet earth is about to get even bigger and better. I couldn’t be more excited about the future of the Indianapolis Motor Speedway with ‘The Captain’ Roger Penske at the helm.

Mr. Penske’s vision, team and high expectations will ensure Indiana’s most iconic asset continues to grow. Along with IndyCar, the Indianapolis Motor Speedway forms the core of an entire racing industry that employs thousands of people and pumps hundreds of millions of dollars into our economy.

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.”

You can watch the full press conference with Roger Penske and Hulman & Company below.