HUGE NEWS: Penske Buys Indianapolis Motor Speedway & IndyCar Series

Just a casual Monday morning in my office trying to work through some emails, schedule some posts and all of a sudden the Hulman family dropped a bomb the size of Carl Edwards on everyone. WTF guys?

Roger Penske and his Penske Entertainment Corp. now own not on the Indianapolis Motor Speedway but also the NTT IndyCar Series, which some would argue they already control so they might as well own it.

Hulman & Company has owned the speedway since 1945. They have overseen the massive growth of both the speedway and open-wheel racing in the United States. The Indianapolis Motor Speedway is the most famous racecourse in the world and hosts the most famous race in the world. The Hulman’s have been there for the 150, 175, 200, 225 mph barriers being broken. They’ve seen women race at the speedway, all 4-time winner’s happened under the Hulman’s. And now they’re gone.

Penske Now Owns The IndyCar Series

Penske also purchased the IndyCar Series from Hulman & Company as well. Born out of the split with CART the Indy Racing League won the battle with ChampCar do in part to its retention of the Indianapolis 500. By 2008 the IRL won the war and ChampCar joined the series. In 2011 the series officially adopted the IndyCar Series title.

It’s an interesting concept to own the series you compete in. How Team Penske distances themselves with the series’ new owner Penske entertainment will be interesting to watch.

A Sale Was Inevitable

Mark Miles has said for the past few years that the speedway and the series were not for sale. However, many expected Hulman & Company to sell eventually when the right buyer came along.

The Indianapolis 500 has grown massively in popularity over the last decade and with the IndyCar Series on the upswing it only makes sense for a sale at this point in time. Tony George and his family can now sit back on easy street while counting their dollar bills while Penske and the company take over everything that was once theirs.

A presser is scheduled for 11 a.m. Monday.

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