Roger Penske, businessman, professional racer and founder of one of the world's most successful motorsports teams, completed his purchase of Indianapolis Motor Speedway on Monday, according to reports.

The billionaire became just the fourth owner of the historic facility, where his racing team has won the Indianapolis 500 a record 18 times, as well as subsidiaries that include the IndyCar Series.

The sale puts him in charge of the speedway, the open-wheel series that is built around the 500 and the track’s esteemed production group.

Penske first attended the Indianapolis 500 in 1951 as a teenager and has missed only six runnings of “The Greatest Spectacle in Racing” since.

“We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” Penske said. “We have been diligently working with the teams at IMS, IndyCar and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running.”

Terms of the sale have not been disclosed, but people familiar with the transaction have told The Associated Press some of the discussions involved offers of $250 million and $300 million for the package, with a promise of additional capital improvements to the speedway.

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The day after the sale was initially announced in November, the 82-year-old Penske walked the entire grounds and began making lists on improvements “The Captain” wants done.

As an American industrialist, his fortune was built in the trucking and transportation business, but he is highly connected in the automotive world and an important fixture in Detroit.

Penske owns multiple car dealerships and competes for Chevrolet, Ford and Acura with his various race teams.

Penske joins Carl Fisher, who built the track in 1909, Eddie Rickenbacker, who purchased IMS in 1927 and the Hulman family as the only owners of the venue.

President Trump awarded the two-time defending champion of the Indianapolis 500 one of the nation's highest civilian honors last year.

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In October he was given the Presidential Medal of Freedom, honoring his contributions to sport, business and philanthropy.

The Associated Press contributed to this report.