Roger Penske paid so little for the Indianapolis Motor Speedway and the IndyCar Series the Hulman-George family might have to charge Roger with grand larceny.
When the news hit everyone’s phones Monday morning there was immediate speculation about what the selling price was. It had to be around a billion dollars everyone assumed for both. Liberty Media bought F1 for $4.4 billion a few years ago. Combine the IndyCar Series with the most famous racecourse in the world and a billion seemed to make the most sense.
That was until this Adam Stern tweet;
MID NINE FIGURES?! That’s an absolute steal for Roger and his crew. Even at $500-700M, that’s still far less than most expected. But wait, there’s more.
According to Jenna Fryer at the AP and later reiterated by Adam Stern the actual number was around $300 million for both.
THAT’S RIGHT. ROGER GOT IT ALL FOR $300 MILLION.
Industry insiders estimate Penske got it all for roughly $300 million, plus promised additional capital improvements to the speedway. Penske and Miles declined repeated requests from AP to discuss financials.
That’s such a little number in the grand scheme of things Penske basically stole the speedway from the Hulman-George family. Obviously they’re ok with the financials and will be perfect fine financially but that’s so low. Or at least it feels low. Liberty Media inquired about the purchase and balked at the $250M price. An unreal move by them, if someone offers you all of that for $250M you buy that 10/10 times.
The speedway sits on 560 acres in Speedway, Indiana. Now combine the land with the speedway, the buildings, the facilities, the history, the name, all of that. Roger got it all and the entire series for $300M. The Phillies have to pay Bryce Harper more than that. The Angles have to pay Mike Trout $100M more than that.
Roger Penske got an absolute sweetheart deal and good for him.
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