Hulman and Co has sold the Indianapolis Motor Speedway, the IndyCar Series, IMS Productions and associated subsidiaries to Penske Entertainment Corp.; a subsidiary of Penske Corp.

The sale is expected to be finalized in January following receipt of applicable government approvals and other standard conditions.

“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” said Tony George, Chairman of Hulman & Company.

“The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years. Now, we are honored to pass the torch to Roger Penske and Penske Corporation, as they become just the fourth owner of the iconic Speedway. There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future.”

Fifty years after making his first appearance at IMS as an entrant, Roger Penske is set to become the owner of the iconic venue – and the series that races there every May. Image by Levitt/LAT

Penske Corporation’s history of managing motorsport venues dates back to 1973, when it acquired Michigan International Speedway. Since then it has operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. Penske Corporation currently promotes and operates the Detroit Grand Prix.

As a team owner, Penske’s ties to the Speedway include an unparalleled 18 Indy 500 wins, the most recent coming this year with Simon Pagenaud on the 50th anniversary of Team Penske’s first Indy appearance.

“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Penske.

“We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing. I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.”

Mark Miles, President and CEO of Hulman and Company, said that Penske is perfectly positioned to lead an acceleration of IndyCar’s recent growth.

“The Indianapolis Motor Speedway, the Indianapolis 500 Mile Race and the NTT IndyCar Series have enjoyed considerable growth over the past decade, with significant increases in television, digital and social media audiences combined with record attendance at many of our race venues,” he said.

“With their track record of business success, their venue, operation and event experience and their passion for motorsports, Roger Penske and Penske Corporation will help us take the IndyCar Series, the Indianapolis Motor Speedway and all of our properties to new heights. Everyone on our team looks forward to working with them to capitalize on the momentum that the Series and the Speedway have achieved.”