Roger Penske says the company has no intention to change the management teams now in place at Hulman & Co. and its subsidiaries. Penske has an estimated net worth of $1.6 billion, as of November 4, 2019, according to Forbes. Financial terms of the deal are not being disclosed.
The track has been owned and run by the same family since Tony Hulman purchased the deteriorated track in 1945. The 82-year-old has the most wins as a auto owner (18) in Indy 500 history.
Penske is the winningest team owner in Indianapolis 500 history with 18 victories, including Simon Pagenaud's win in May. That race is the showcase event of the IndyCar Series, whose championship was won by Penske driver Josef Newgarden this past season.
"I think you look at 27 years, there's no reason to break that string of races", he said.
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The protests were initially sparked by a now-abandoned plan to allow extraditions to the authoritarian mainland. Police fired tear gas in other neighbourhoods while protesters lobbed petrol bombs and bricks at the officers.
Mark Miles, chief executive officer of Hulman & Co., says the announcement has global implications but is incredibly important for Hoosiers.
"We look around this 1,000 acres and we say, 'Can this be not only the racing capital of the world, but an entertainment capital of the world in IN and be able to support the state, the governor, the region, the city, the town of Speedway and continue to grow it?'" said Penske.
The deal was done in roughly six weeks and began when Tony George, grandson of Tony Hulman, approached Penske before the season-ending race in California in September.
At a news conference at IMS, Tony George said the proposed new owner is "ideally suited" to take over.
For decades Hulman & Company has overseen one of Indianapolis' greatest assets, acting as community partners and stewards of our state's most prized tradition. "Penske Corporation - with its 64,000-plus employees and more than $32 billion in consolidated revenue - will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP". For a number of years, the Hulman & Company management and board have engaged outside advisers and experts to consider the full range of strategic options available.
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Ganassi's support was echoed by RLL co-owner Bobby Rahal.
Michael Andretti called it "positive news" for the series and the speedway. The deal also includes ownership of the IndyCar series and Indianapolis Motor Speedway productions.
Mr. Penske's vision, team and high expectations will ensure Indiana's most iconic asset continues to grow. CART was once the most popular form of motorsports in America, but NASCAR swallowed open wheel racing during the tumultuous times after Tony George created the Indy Racing League. I'm prepared to take a risk. Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month.
Penske bought Michigan International Speedway in 1973 and invested millions in the track - expanding from 25,000 seats to 125,000 before selling the track to International Speedway Corporation in 1999.
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