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About six years ago, NASCAR team owner Roger Penske bought the oldest racetrack in the country, the Indianapolis Motor Speedway, and the IndyCar Series.
Penske is one of the most respected and successful team owners in motorsports. Before purchasing the Indy 500, he also owned Michigan International Speedway and California Speedway while running teams in NASCAR and IndyCar. In November 2019, the founder and chairman of the Penske Corporation commented on the conflict of interest of owning and competing in the IndyCar series.
"I don't want to leave this conversation without knowing that I understand the integrity. There has got to be a tight line, and to me, I know what my job is, and hopefully I've got enough credibility with everyone that we can be sure that there is not a conflict, and I'll do my very best to be sure that isn't," Penske said (via AutoWeek).
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"If you think it is, I hope that I know that you folks will tell me pretty quick. So, I've got a lot of guys watching me," he added.
Michigan-based Penske Corporation is the holding company of Team Penske, along with other businesses in automotive retail, truck leasing, transportation and logistics. Team Penske debuted in 1966 and Roger Penske has earned several championships in NASCAR and IndyCar, as its owner.
The 88-year-old businessman has won 17 championships in the IndyCar series. Penske is also the most successful team owner at the Indy 500 with 20 wins.
"Looking forward to carrying on the tradition" - Roger Penske after finalized deal to purchase IMS
The Indianapolis Motor Speedway (IMS), over 116 years old, is one of the most famous racing tracks in the US. It hosted its first Indy 500 in 1911, drawing over 400,000 fans. Tony Hulman saved it in 1945 after World War II. Tony George, who inherited the track from his grandfather, asked Roger Penske to take over ownership in 2019. The Hulman family owned the IndyCar Series and all its properties for 74 years before making one of the biggest transactions in motorsports history. The family believed Penske had the money and experience to improve IndyCar’s future.
The sale took two months and was finalized in January 2020 with a final deal worth around $250 million to $300 million, according to Associated Press.
"We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing. We have been diligently working with the teams at IMS, IndyCar and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running," Penske said (via AutoWeek).
Roger Penske also purchased the Long Beach Grand Prix in November last year.
