Billionaire Roger Penske has purchased Indianapolis Motor Speedway and the IndyCar Series from the family that owned it for 74 years.
From the AP:
Tony Hulman bought the dilapidated speedway in 1945 and brought racing back to the corner of 16th St. and Georgetown Ave. after a four-year absence following World War II. Roger Penske will become just the fourth owner of the 110-year-old speedway.
The IndyCar Series is on an upward trend with improved television ratings and increased interest. Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud's win in May. He capped the IndyCar Season with a championship from driver Josef Newgarden, the 15th for the Team Penske organization.
How can a team owner buy the whole series? On Twitter, Fox Sports NASCAR reporter Bob Pockrass, said it has happened before.
Ben Kennedy owned a team and raced in NASCAR and Tony George owned a team in IndyCar ... so it is not anything the industry isn't used to. https://t.co/64hMW1q5cz— Bob Pockrass (@bobpockrass) November 4, 2019
At a newsconference announcing his purchase, Penske told reporters, "Hopefully I have enough credibility to make sure it's not a conflict. I've got a lot of guys watching me."
Penske on conflict of interest and Indy 500 spots: "I understand the integrity and there's got to be a bright line, hopefully I've got enough credibility" .... and ... "I wouldn't make a comment one way or the other today," on guaranteed entries. Says it is ongoing discussion.— Jenna Fryer (@JennaFryer) November 4, 2019
A purchase price was not disclosed.