Penske Purchases Grand Prix Of Long Beach, Keeping It In Control Of IndyCar
Source: MediaNews Group/Inland Valley Daily Bulletin via Getty Images / Getty
LONG BEACH, Calif. — In 2020, Roger Penske and his entertainment company, Penske Entertainment, bought the Indianapolis Motor Speedway. The acquisition included the NTT IndyCar Series and by default the Indianapolis 500. Now, Penske is adding another iconic event to his business portfolio.
In a press release Thursday morning, Penske Entertainment announced that it has acquired the Grand Prix Association of Long Beach, which is the organizing body of the Grand Prix of Long Beach and all events associated with it.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske. “This is the most historic and prestigious street circuit race in North America, and we’re excited to work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term.”
The amount Penske paid to purchase the association from previous owner Gerry Forsythe was not disclosed. Though not yet confirmed or denied by Penske, the move could be interpreted as a play to keep other racing series like NASCAR or Formula One from pursuing interests to take over the event.
The Grand Prix of Long Beach has a rich history in the realm of auto racing. It began in 1975 as a Formula 5000 race as a way to boost tourism to the California coastal city. It was so well received that the race became a fixture on the Formula One schedule in 1976 until the series pulled out of the event in 1983.
The several iterations of CART and the Champ Car World Series took up the event for modern IndyCar racing in 1984 and the unified NTT IndyCar Series has run the event since 2008.
“The Grand Prix is an incredibly vital and vibrant asset for our community and an annual event that drives commerce, attracts tourism and elevates cultural connectivity across our city,” said Long Beach Mayor Rex Richardson. “Penske Entertainment will be a committed and energetic partner for the future that seeks to preserve and enhance this event’s rich history and strong legacy. We’re looking forward to a great working relationship that benefits everyone who calls Long Beach home.”
The acquisition of the Grand Prix Association of Long Beach is the latest in a series of big business moves by the owners of the NTT Indy Car Series. IndyCar will operate under a charter system for the first time in the 2025 season. The series has also announced a new street race to be contested in Arlington, Texas starting in 2026. Every IndyCar race will also be broadcast on The FOX Network for the upcoming 2025 season and beyond.
