Days after winning 3rd NASCAR title, $6.9B mogul Roger Penske makes significant IndyCar acquisition

NASCAR team owner Roger Penske has made a significant move in the NTT IndyCar Series, adding to his impressive motorsports collection.

Just three days ago at Phoenix, Joey Logano earned the team its third consecutive NASCAR championship. Team Penske is the only team to win the Cup championship with NASCAR’s new car. Now, the billionaire businessman has bought one of the biggest street races in North America.

$6.9B-worth Penske (according to Forbes) has acquired the Grand Prix of Long Beach from long-time owner Gerald R. Forsythe. Penske Entertainment, has also owned the Indianapolis 500, held annually at the Indianapolis Motor Speedway, for five years. The purchase of the the popular Southern California race was confirmed on November 14.

Penske plans to grow the event which adds about $63 million to the economy annually with the current team in place.

"We’re incredibly proud to be the new stewards of this cherished and iconic event. 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,” said Penske.

87-year-old Penske, who has 17 IndyCar championships and 20 Indy 500 wins, also introduced a new race in Arlington last month and switched its broadcast rights to Fox starting in 2025.

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"If not the best, one of the best" - Roger Penske on amazing NASCAR season

Roger Penske reflected on his team's season after winning a third straight NASCAR championship. The NASCAR team is the first since 1998 to win three titles in a row with different drivers.

Joey Logano, who won the Cup Series this year, also claimed the title in 2022. Logano finished 15th in the regular-season points race and was all set to be eliminated from the Round of 12. However, after Alex Bowman was disqualified, he advanced to the next round and was the first driver to qualify for the Championship 4. Ryan Blaney, the No. 12 Ford driver for the team, won the Cup title last year.

Penske praised his team's hard work and added that their teamwork helped make this season one of the best.

"Well, I guess you’d have to say it’s probably, if not the best, one of the best. I think that obviously not to win the IndyCar championship, which of course it’s where we all started and built our first racing team, was disappointing," Penske said.

The team came up short in the IndyCar championship this year and lost the 24 Hours of Le Mans.