Roger Penske to purchase IndyCar, Indianapolis Motor Speedway

Leave a comment

Roger Penske will soon own IndyCar and Indianapolis Motor Speedway.

The development was revealed in a media advisory Monday morning by the track. The Board of Directors of Hulman & Company will announce later this morning the sale of the company and certain subsidiaries, including IndyCar, the historic speedway and IMS Productions to the Penske Entertainment Corp., a subsidiary of Penske Corporation.

The transaction will close following receipt of applicable government approvals and other standard conditions.

Roger Penske is the owner of Team Penske, which fields teams in IndyCar and NASCAR.

Penske the winningest owner in Indianapolis 500 history with 18 victories, including this year with Simon Pagenaud. He won the 2018 Brickyard 400 with Brad Keselowski.

In NASCAR, Indianapolis Motor Speedway is one of three tracks the Cup Series competes on that is owned independently from NASCAR and Speedway Motorsports Inc. The others are Pocono Raceway and Dover International Speedway.

“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” said Tony George, Chairman of Hulman & Company, in a press release. “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.”

Said Penske: “My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father. We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing. I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.”

Said Mark Miles, President and CEO of Hulman & Company: “The Indianapolis Motor Speedway, the Indianapolis 500 Mile Race and the NTT IndyCar Series have enjoyed considerable growth over the past decade, with significant increases in television, digital and social media audiences combined with record attendance at many of our race venues. With their track record of business success, their venue, operation and event experience and their passion for motorsports, Roger Penske and Penske Corporation will help us take the IndyCar Series, the Indianapolis Motor Speedway and all of our properties to new heights. Everyone on our team looks forward to working with them to capitalize on the momentum that the Series and the Speedway have achieved.”

Valtteri Bottas wins chaotic season-opening F1 Austrian Grand Prix

Mark Thompson/Getty Images
1 Comment

SPIELBERG, Austria — Valtteri Bottas won a chaotic season-opening F1 Austrian Grand Prix while six-time series champion Lewis Hamilton finished fourth after getting a late time penalty Sunday.

The Formula One race was interrupted three times by a safety car, and nine of 20 drivers abandoned, including both Red Bulls of Max Verstappen and Alexander Albon – who tried to overtake Hamilton on the outside with 10 laps left, touched wheels and flew off track.

Hamilton was given a 5-second time penalty for causing the collision, having earlier been hit with a three-place grid penalty after an incident in Saturday’s qualifying was reviewed by stewards.

SHOW OF SUPPORT: Drivers take knee before race

Bottas led all 71 laps in the eighth victory of his career. It was the second consecutive victory in the season opener for the Finn, though he won four months earlier in 2019 after this season’s start was delayed by the novel coronavirus (COVID-19) pandemic.

Lando Norris of McLaren F1 celebrates after his first podium finish (Mark Thompson/Getty Images).

Bottas started from pole position and Hamilton from fifth, but it looked like a straight fight between the two Mercedes drivers as has been the case so often in recent years.

But late drama in Spielberg ensured otherwise and Hamilton’s time penalty meant Charles Leclerc took second place for Ferrari, and Lando Norris sent McLaren’s garage into raptures – and threw all social distancing rules out of the window amid the euphoria – with third place.

It was the 20-year-old British driver’s first career podium, and his superb final lap was the fastest of a dramatic season opener.

Norris became the youngest British driver to secure a podium finish and the third-youngest ever in Formula One.

Valtteri Bottas leads Mercedes teammate Lewis Hamilton during the Formula One Grand Prix of Austria (Mark Thompson/Getty Images).