Indianapolis Motor Speedway, IndyCar are being sold to Penske Corp.

Show Caption Hide Caption Motor Sports Insider - 'Positive step forward' for IMS, IndyCar Insider Nathan Brown and motor sports editor Nat Newell discuss Penske purchasing Hulman and Co.

Hulman & Co. is selling the Indianapolis Motor Speedway, IndyCar and related businesses to Penske Corp.

Both companies announced the deal Monday in a news release.

Hulman & Co. has owned the track since 1945. In May, the company announced it was selling the iconic baking powder-maker Clabber Girl Corp. to B&G Foods.

At the time, President & CEO Mark Miles said the sale allowed the company to focus on growing its motor sports operations.

Doyel: Penske the perfect choice to buy IndyCar and IMS from Tony George

Monday's news release did not specify how much Penske is paying to buy the track, the NTT IndyCar Series and Indianapolis Motor Speedway Productions.

Miles was joined by Chairman Tony George and Penske Corp. Chairman Roger Penske at an 11 a.m. news conference to answer questions about the sale.

Penske, a Detroit businessman who becomes the famed track's fourth owner, immediately hinted that he had plans to invest new money and new events at the Indianapolis racing oval.

"We are going to invest capital," Penske said. "We know the economic benefit that this race brings to the region, and we want to grow it."

IMS, IndyCar sold to Penske: But what does it mean?

Penske suggested the possibility of a 24-hour race and an F1 race, improving entertainment

Rumors about the sale of IMS started churning not long after the November 3, 2018 death of family matriarch and IMS Chairman of the Board Emeritus Mari Hulman George.

Miles denied the rumors. In a December 2018 interview with IndyStar, Miles insisted that IMS was not for sale

“Nothing’s changing,” Miles said.

'We want to grow it': Penske hints at new entertainment, investment in IMS

IndyCar saw improved television ratings with NBC taking over full broadcast rights this season and the Indianapolis 500 has ridden a surge in attendance with the 100th running, averaging more than 300,000 fans since 2016.

Penske's history with Indianapolis Motor Speedway dates to 1951 when he attended the Indianapolis 500 with his father. Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud this year. Penske's Josef Newgarden won his second IndyCar title in three years this season as well.

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Hulman family's track history

Anton "Tony" Hulman bought IMS from Eddie Rickenbacker for a reported $750,000 in 1945. The facility had fallen into disrepair because of a lack of racing during World War II. The Indianapolis 500 resumed in 1946 and thrived under Hulman's leadership until his death in 1977.

IMS remained a largely Indy 500-only facility into the 1990s, until NASCAR started racing there in 1994.

Hulman's grandson, Tony George, created the Indy Racing League a few years later. That prompted a period of upheaval in open-wheel racing as the IRL battled Championship Auto Racing Teams for drivers and facilities. The series reunited in 2008, and in the past decade the IndyCar Series has regained some prominence.

The 100th Indy 500 in 2016 ran before a sold-out IMS, allowing it to be shown live on local television. IMS has also hosted Formula One, MotoGP, air racing, vintage car racing, concerts and professional golf over the past two decades.

Contact IndyStar reporter Vic Ryckaert at 317-444-2701 or vic.ryckaert@indystar.com. Follow him on Twitter: @VicRyc.

Follow IndyStar sports producer Scott Horner on Twitter: @ScottEHorner.