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Roger Penske buys Indy

Photo courtesy of Getty Images for NASCAR

By AMANDA VINCENT

The Board of Directors of Hulman & Company announced Monday the sale of the company, including Indianapolis Motor Speedway and the NTT IndyCar Series to Penske Entertainment Corporation, a subsidiary of Penske Corporation. Team Penske owner Roger Penske is owner and chairman of Penske Corporation. Team Penske fields cars in the IndyCar Series and Monster Energy NASCAR Cup and NASCAR Xfinity series, as well as other racing series. All three of those series race yearly at Indianapolis Motor Speedway.

“We have found the ideal steward of the company and its iconic assets,” a document sent to IndyCar Series teams on Monday and obtained by The Associated Press read. “Penske Corporation — with its 64,000-plus employees and more than $32 billion in consolidated revenue — will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP (Indianapolis Motor Speedway Productions). For a number of years, the Hulman & Company management and board have engaged outside advisers and experts to consider the full range of strategic options available. Ultimately, it was decided to focus on the possible sale of the company and finding a buyer that would be the best steward of the company and its iconic assets.”

The sale is expected to close in early January. A news conference is scheduled for Monday. The Hulman family has owned Indianapolis Motor Speedway since 1945, when it was purchased by Tony Hulman.

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Posted by on November 4, 2019. Filed under Breaking News,Featured,NASCAR. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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