![]() ![]() "We have found the ideal steward of the company and its iconic assets," the document said. IMS earlier Monday sent a document to Ind圜ar teams, a copy of which was obtained by the AP, outlining the basics of the deal. and Hulman & Company are private companies, they are not legally required to disclose the transaction price. Penske is the winningest car owner in Indy 500 history with 18 victories, including Simon Pagenaud's win in May, as well as 15 Ind圜ar championships following Josef Newgarden's title in September. Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month. "Hopefully I have enough credibility to ensure that there is not a lot of conflict. ![]() To me, I know what my job is," Penske said. He was eager to address any potential conflict of interest that could arise from the most powerful man in motorsports owning a three-car race team, the series and one of the most important races in the world. Penske, who is also a giant in the NASCAR stock car series, said he has no management changes planned at this time. ![]() Penske said he will step down as race strategist for his Ind圜ar team - he most recently called races for veteran driver Will Power - and focus on turning IMS into "the entertainment capital of Indiana." He said the heavy lifting begins Tuesday when Penske plans to walk the IMS property - it includes the track, a golf course and a museum, and in 1987 was designated a National Historic Landmark - then meet with the existing executive team. He is also co-owner of Ed Carpenter Racing, the team run by his stepson. The family will have an opportunity from Penske to remain involved with both the series and the speedway, and Tony George said he will take Penske up on the offer. The family has now turned its racing properties over to Penske in an announcement made one day after the one-year anniversary of Hulman George's death. sold its other primary business, the baking company Clabber Girl, to B&G Foods for $80 million in May. Matriarch Mari Hulman George, Hulman's daughter, died last November and the family businesses have slowly been divested. board of directors, have most recently been in charge of Hulman properties. Tony George, along with his sisters and the Hulman & Co. Roger Penske's resources will only take this to another level." We all realize that as a family and organization we had probably taken it as far as we can. "I simply said I'd like to meet with him and talk about stewardship and he got a very serious look on his face," said George, who several times choked back tears discussing his family's legacy. "We as a family agreed we all needed to have a conversation with Roger Penske," George said. George wished Penske luck in the championship battle, then asked "The Captain" if they could have a conversation about the speedway. The deal was done in roughly six weeks and began when Tony George, grandson of Tony Hulman, approached Penske before the season-ending race in California in September. The speedway itself spun off multiple subsidiaries, including the Ind圜ar Series and Indianapolis Motor Speedway Productions, which are also being acquired by Penske Entertainment, a subsidiary of Penske Corp., which is owned by the billionaire. The speedway was a dilapidated mess in 1945 when Tony Hulman bought it and brought racing back to the corner of Sixteenth Street and Georgetown Avenue after a four-year absence following World War II. The sprawling, 110-year-old speedway and its famed, 2 ½-mile oval track is one of the most famous venues in sports, and crowds for its showcase race every May, the first one dating to 1911, used to swell to more than 400,000 people. "I hope my dad is looking down at me and this group and saying, 'Son, you did a good job.'" "The bug of motor racing got in my blood," Penske recalled about that day with his father, Jay. will take over all those entities owned by the Hulman family for 74 years in one of the biggest transactions in the history of motorsports. By early next year, Penske Entertainment Corp. Now he owns the iconic speedway, its hallowed grounds, "The Greatest Spectacle in Racing," the Ind圜ar Series and all its properties in a stunning deal announced Monday. They made the trek from Cleveland, and when Penske saw the cars zipping around Indianapolis Motor Speedway at 200 mph, he instantly fell in love. Roger Penske was a car-loving 14-year-old who regularly listened to the Indianapolis 500 on the radio when his father landed tickets to the 1951 race. Roger Penske buys Indianapolis Motor Speedway, Ind圜ar Series You have reached a degraded version of because you're using an unsupported version of Internet Explorer.įor a complete experience, please upgrade or use a supported browser ![]()
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