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Five years ago, NASCAR team owner and billionaire businessman Roger Penske was awarded one of the US's highest civilian honors.
The founder of Team Penske received the Presidential Medal of Freedom from President Donald Trump during a ceremony at the White House in 2019. The award recognized Penske’s contributions to business, racing and giving back to the community.
The $6.7B-worth Penske (according to Forbes) said that the Medal of Freedom meant more to him than any of his business successes or racing trophies.
"It's a wonderful honor... Many years ago, my mother and father invested in me and told me the love and passion of our great country. And to think that I'm standing here today in the Oval Office with... my family, to receive this wonderful award—just hard to believe that that would happen," Penske said (01:05).
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"I really want to thank the President for this prestigious honor. Receiving the Presidential Medal of Freedom really is something special, and to me, it means more than any business success or motorsport trophy," he added.
Penske was also inducted in the NASCAR Hall of Fame in 2019
Team Penske, started in 1966, is one of the most successful racing teams. It has the most wins (20) in Indianapolis 500 races and also secured its third consecutive NASCAR Cup Series title this year.
When Roger Penske bought the Indianapolis Motor Speedway
In 2019, Roger Penske purchased the popular Indianapolis Motor Speedway one month after receiving the Medal of Freedom award. His company, Penske Entertainment, took over all assets of Hulman & Company, the speedway, the IndyCar Series and IMS Productions.
Indianapolis Motor Speedway, also known as "The Greatest Race Course," is the oldest operating racetrack in the US. The 115-year-old speedway held only the Indy 500 events until the first NASCAR Brickyard 400 in 1994. It also hosted the Formula One U.S. Grand Prix from 2000 to 2007.
"The bug of motor racing got in my blood. I hope my dad is looking down at me and this group and saying, 'Son, you did a good job,'" said Penske (via ESPN).
Penske also bought the Grand Prix of Long Beach this week. Gerry Forsy founded and owned North America’s top street race that has attracted over 190,000 fans regularly for 49 years. Penske called it the most prestigious street race in North America and is excited about its golden anniversary in April next year.
Penske also plans a new project with the Dallas Cowboys and Texas Rangers in 2025.
