Penske Acquires INDYCAR, IMS - Engine Builder Magazine

Penske Acquires INDYCAR, IMS

Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all Hulman & Company assets, including the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series, and video series and production company IMS Productions.

Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all Hulman & Company assets, including the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series, and video series and production company IMS Productions.

Indianapolis Motor Speedway (IMS) was built by Carl Fisher in 1909 and hosted its first races later that year. Eddie Rickenbacker then purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman & Company in 1945. IMS has been the host of the world’s largest single-day sporting event—the Indianapolis 500 Mile Race—for more than 100 years. The iconic venue has also hosted NASCAR, Formula One, and more.

The NTT IndyCar Series continues as North America’s premier open-wheel racing series and is one of the most competitive championships in the world. “We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” Hulman & Company Chairman Tony George said. “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.”

Penske Corporation has a long history of managing major motorsports properties, beginning with the acquisition of Michigan International Speedway in 1973. Penske and its subsidiaries have also operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. The corporation currently promotes and operates the Detroit Grand Prix, hosted annually at the Belle Isle Park street circuit.

“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. “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.”

Hulman & Company’s financial adviser was Allen & Company LLC, and its counsel was Ice Miller LLP for this transaction. For more information, visit indycar.com or indianapolismotorspeedway.com.

You May Also Like

Thousands Oppose California’s Mandate Banning New Gas-Powered Vehicle Sales

SEMA members and industry consumers send EPA over 5,000 letters in opposition to ACC II Waiver

SEMA member companies and automotive enthusiasts have come out in strong opposition to the California Air Resources Board's (CARB) "Advanced Clean Cars II" (ACC II) regulation that would ban the sale of new internal combustion engine motor vehicles by 2035. Specialty aftermarket businesses and industry supporters sent over 5,000 letters to the U.S. EPA expressing opposition to the agency providing California a Clean Air Act waiver, which is required in order for ACC II to take effect. Industry and enthusiasts alike have united in opposition to California’s Zero Emissions Vehicle (ZEV) mandate that would adversely impact automotive businesses, their employees, and millions of automotive enthusiasts. 

Howell EFI Launches New Website and Promotions

Howell EFI, a leading manufacturer of electronic fuel injection for older pre-computer vehicles of all types, has newly launched a user-friendly website, as well as introduced free ground shipping on orders over $500 to the lower 48 states, and a March Madness sale of 10% off any order. Related Articles – Dayco Begins Full-Scale Belt

Dayco Begins Full-Scale Belt Production in Mexico

At the end of 2022, Dayco, a leading engine product and drive systems manufacturer for the automotive, industrial and aftermarket industries, announced it was investing in a new manufacturing facility in San Luis Potosí, Mexico, to produce its globally recognized OE-quality drive belts. Related Articles – VP Racing Partners with Ida Zetterstrom for 2024 NHRA

Cummins Announces Next Gen X15 Diesel Engine

Cummins Inc. has announced it will launch its most efficient heavy-duty diesel engine ever. As the next product in the Cummins HELM 15-liter fuel agnostic platform, the diesel X15 will be compliant with U.S. EPA and CARB 2027 aligned regulations at launch. The next generation X15 diesel engine in North America will serve the heavy-duty

Hendrick Motorsports Partners with GROB Systems

Hendrick Motorsports and GROB Systems Inc. have teamed up for a synergistic partnership to bring precision 5-Axis GROB machines to the Concord, NC campus of the 14-time NASCAR Cup Series champions.  Related Articles – Sick Week 2024 Results – Isky Racing Cams’ Ron Iskenderian Has Passed Away at 75 – MPMC Media Trade Conference to Relocate in 2025

Other Posts

Mobil 1 Celebrates 50th Anniversary

In 2024, ExxonMobil will commemorate its 50-year history of the Mobil 1 brand with a series of initiatives across partnerships, motorsports, and virtual reality, each of which will highlight the brand’s legacy and what’s to come. Related Articles – Lewis Hamilton to Leave Mercedes for Ferrari in F1 2025 Season – Formula 1 Rejects Andretti

Lewis Hamilton to Leave Mercedes for Ferrari in F1 2025 Season

Lewis Hamilton will join Ferrari next year and replace Carlos Sainz.

Formula 1 Rejects Andretti and Cadillac

Formula 1 earlier this week rejected Andretti Global’s long-held bid to join the series in the 2025 or 2026 season, also denying the team’s corporate partner General Motors. Related Articles – Competitors Revealed for ’24 Pikes Peak Hill Climb – Hot Rod Drag Week 2024 to Celebrate 20th Anniversary – Engine Builder Hall of Fame

Nasr Victorious at Rolex 24 for Penske, Porsche

Felipe Nasr delivered the first Rolex 24 At Daytona overall win for team owner Roger Penske in 55 years, and the first for Porsche in 14 years, in an exciting conclusion Sunday to the iconic endurance sports car race. Related Articles – 3 Engines for Sale – LS3 and Two Small Block Chevys – Holley