BREAKING: IndyCar Series & Indianapolis Circuit sold to Penske

In a surprise statement Today, The Board of Directors of Hulman & Company has said it is selling the company including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp., a subsidiary of Penske Corporation.

Full details were given in a press conference today from the Motor Speedway. Penske Entertainment Corp (PEC) will be a new company and is seperate from the racing team and other ventures under Roger Penske.

Speaking at the conference, Tony George, chairman of Hulman & Company, spoke his company’s 170 year history, including their 74 since moving into the racing world. He praised Penske for the work he’d done, telling the story of how he approached Roger at the final race of last season. Not wanting to distract from his title fight, the pair followed up over the winter to discuss stewardship.

Penske will become the fourth operators of the Indianapolis Motor Speedway since its inception. Roger Penske would confirm he’ll be stepping down as a strategist from his team to focus on the management.

He hopes to bring in another manufacturer to the IndyCar series, with all cars running either Honda or Chevrolet engines. He also plans to expand Indianapolis’ use, including looking into the possibility of a 24 Hour race and Formula 1. He also confirmed the Indianapolis Museum will not be sold.

Speaking at the conference, Penske said;

“The fact we’ve been coming here for 50 years, seeing the growth and understanding the technology, it’s a great business opportunity for us to grow it to the next level. We look around this 1000 acres, and we think, can this be not just the Sporting, but the Entertainment capital of the world.”

It was clearly an emotional day for Tony George who was visibly moved by the prestige of the occassion.

“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.”

The deal is expected to close next January. Penske has no intention of changing the management team and hopes to have a diverse range of opinions.