Penske Acquisition of IMS, IndyCar Official (and Complete)

Penske Acquisition of IMS, IndyCar Official (and Complete)

It’s final – the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series and IMS Productions are now part of Penske Corporation. The completed acquisition was confirmed by all parties on January 6th with Roger Penske’s statement: “We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” he said.

“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,” Penske said. “Now it is time to go to work as we continue the growth of the Speedway and build on the momentum of the NTT IndyCar Series.”

As Penske Corp. takes over these three motorsports entities, it becomes only the fourth caretaker of the site of the world’s largest single-day sporting event – the Indianapolis 500 Mile Race – over more than 100 years. The 104th running of the race is scheduled for May 24.

Penske joins Carl Fisher (who built the 2.5-mile oval track in 1909), Eddie Rickenbacker (who purchased IMS in 1927) and Tony Hulman’s Hulman & Company (which has owned and managed the Speedway since 1945) as caretakers of the mammoth facility, which also includes a golf course and dirt track.

Although initially confined to conducting May’s Greatest Spectacle in Racing, the Indy 500, this iconic venue has hosted NASCAR continuously since 1994 and conducted Formula One and other racing series events throughout its long and successful history.

The NTT IndyCar Series, which now falls under the Penske Corp. umbrella, has continued to be the premier open-wheel racing series in North America and is certainly one of the world’s more competitive championships. Its current and two-time champion, American Josef Newgarden, was crowned at the series finale on the WeatherTech Raceway Laguna Seca road course in September, which is normal and customary for the series.

IMS Productions services the Speedway and the IndyCar Series and is a leading video services and production company whose talents are used by many outside sources.

The monetary exchange between Hulman & Company and Penske Corp. has not been disclosed and likely never will be. Penske Corp., through Roger Penske, has stated business will continue as is and any future changes to either personnel or facilities will be confirmed as needed.

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About Anne Proffit 540 Articles
Anne Proffit traces her love of racing - in particular drag racing - to her childhood days in Philadelphia, where Atco Dragway, Englishtown and Maple Grove Raceway were destinations just made for her. As a diversion, she was the first editor of IMSA’s Arrow newsletter, and now writes about and photographs sports cars, Indy cars, Formula 1, MotoGP, NASCAR, Formula Drift, Red Bull Global Rallycross - in addition to her first love of NHRA drag racing. A specialty is a particular admiration for the people that build and tune drag racing engines.

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