Penske Corporation has officially completed the takeover of IndyCar and also Indianapolis Motor Speedway on Monday, as it has been announced.
It was first revealed in November 2019 that Penske Corporation are to become the new owners of not only the IndyCar series but also the Indianapolis circuit, as they were to take the reigns from Hulman & Company, the-then owners.
Penske Corporation completed the acquisition of IndyCar and IMS on Monday as the news was announced through a short statement. “We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” said Roger Penske.
“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. Now, it is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series.”
Penske Corporation is the fourth owner of the Indianapolis circuit, which hosts Indy500, after Carl Fisher, Eddie Rickenbacker and Tony Hulman. It will be interesting to see how the change in ownership pans out and where the IndyCar series heads to.
Following the initial announcement, questions were raised regarding conflict but Penske dropped it down by stating that he will move aside from his IndyCar team’s decision-making and concentrate more on the championship side.
“From a competitive perspective, I’m planning to really step down from being a strategist on the pit box,” said Penske. “You won’t see me there on race day, I think I’ve got a bigger job to do now is to see how we build a series to the next level.
Here is the initial story on the double buyout by Penske Corporation from November