The Penske Corporation has acquired all the assets of Hulman & Company, meaning that IndyCar and the Indianapolis Motor Speedway have been sold.
In a shock announcement on Monday, the board of directors at Hulman & Company announced that they have reached an agreement with the Penske Corporation that will see all their assets acquired by the transport services company.
This means that the IndyCar Series itself, as well as the Indianapolis Motor Speedway and IMS Productions now falls under own ownership in the form of Roger Penske and his corporation.
Hulman & Company have owned the Indianapolis Motor Speedway since 1945.
“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. “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 organisation to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future.”
Penske are no strangers to management of racetracks, as they are currently the promoters of the Detroit Grand Prix at Belle Isle, while they’ve also operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedways over the years.
“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.”
Want the latest Formula 1, Formula E & IndyCar news sent directly to you? Subscribe here!