The most decorated man in Indianapolis 500 history, Roger Penske, will soon own the Indianapolis Motor Speedway as CEO of Penske Corp.

The sale is expected to close in early 2020.

The news has been received well by other race teams, who praised the purchase and the potential for the series' continued success.

Penske Entertainment bought the 110-year-old Indianapolis Motor Speedway and the IndyCar race series in a deal announced today, making owner Roger Penske the fourth owner of the IMS after the more than seven-decade tenure of the Hulman family. In the years since the late Tony Hulman bought the track in 1945, the family grew and improved on its already iconic status as one of the world's most famous racetracks. The Indianapolis Star noted today that the Indy 500 has averaged more than 300,000 fans every year since 2016.

The price of the purchase was not disclosed.

Clive Rose Getty Images

Penske is the most accomplished team owner in Indianapolis 500 history, recording 18 wins; his most recent win came just last May with Simon Pagenaud (pictured above). Team Penske also recorded a win in the IndyCar championship with driver Josef Newgarden this year, bringing in their 15th win in the series.



"Great day for our family and our team," Penske told the Associated Press in a text message. The news appears to have been well received in the racing community, with praise coming from Chip Ganassi, owner of Chip Ganassi Racing, and Michael Andretti, owner of Andretti Autosport. Bobby Rahal called Penske the "perfect custodian" for the racetrack, according to the Associated Press.

The IndyCar Series has increased in popularity in recent years; from 2018 to 2019, there was a 10 percent increase in race viewership.

This isn’t unfamiliar territory for Penske, who currently owns the Detroit Grand Prix doubleheader IndyCar weekend and has previously owned both the California Speedway and Michigan International Speedway.

Penske Corp. will take control of the IMS and IndyCar series beginning in January. Penske appears to have big plans for his new acquisition; in a press conference today (below) announcing the deal, Penske said, "We've been coming to this track for 50 years and [have] seen the growth of the series and understand the technology, and it's also a great business opportunity for us.

"We look around this 1000 acres and we say, can this be, not only the racing capital of the world but the entertainment capital of the world, in Indiana?"

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