IndyCar team owners delighted by Fox purchase of ownership share

The news of Fox Corporation’s purchase of a 33-percent stake in Penske Entertainment was warmly received in all corners of the IndyCar Series’ paddock.

“You’ve got a real entertainment partner,” Chip Ganassi told RACER. “I think it's just fabulous.”

Fox’s co-ownership of the series and the Indianapolis Motor Speedway brings a powerful organization into the long-running conversation of where both might be headed. With the shared possession of Penske Entertainment – even at a one-third measure – it’s clear that Fox will have a direct role in shaping and helping to steer IndyCar and IMS into the future along with the Penske family and the executive team at Penske Entertainment.

• Fox Corporation acquires one-third interest in Penske Entertainment
• Opinion: Why Fox's buy-in is exactly what IndyCar needed

Whether it’s making a radical change in approach to marketing and promoting IndyCar or knowing the series and track are stewarded by two of the most successful families in the country, Ganassi hopes people have confidence in the Murdochs and Penskes joining forces.

“They’re not just partners in IndyCar, but in the Speedway, as well,” he noted. “Whatever questions people have about Roger or where things are going, this answers a lot of those questions. It's huge.”

“Long term, from an investment standpoint, I think it's a great thing that shows stability and potential for growth and will help drive value,” Shank says. Matt Fraver/IMS

Meyer Shank Racing co-owner Mike Shank is well versed in having a media company centrally involved in his racing business. Having welcomed Jim Meyer, the former CEO of SiriusXM into the ownership of MSR, and sold a 30-percent stake in the team to Liberty Media, which owns the commercial rights to Formula 1 and MotoGP, Shank has benefited from the reach and relationships a powerful media organization can deliver.

“You have to take it as an absolute positive, a great thing,” he said. “To have Fox look in and say, ‘Hey, I think there's something valuable here we want to be a part of for years to come,’ is a fairly large statement. I'm very anxious and optimistic that they'll come in and help us in all facets, including marketing. Long term, from an investment standpoint, I think it's a great thing that shows stability and potential for growth and will help drive value.”

Brad Hollinger’s success in business as the owner of Vibra Healthcare and passion for racing led him to buy into and take a majority ownership stake in Juncos Racing. Relaunched in 2021 as Juncos Hollinger Racing, the two-car IndyCar team continues to improve as Hollinger invests in personnel and infrastructure upgrades.

The deal between Penske and Fox has only reinforced Hollinger’s belief that IndyCar is headed in the right direction and his sizable expenditures in JHR’s growth are worthy.

“I think it's outstanding, for every reason,” he said. “Obviously, Fox is a massive enterprise, and (FOX Sports CEO) Eric Shanks has proven his brilliance in terms of live sports and really has an eye for racing. I believe Roger (Penske) really gets on well with the Murdoch family, as well as Eric. They hit it off very well and have been in talks for a while, and so it seems like a natural evolution, but most importantly, I think it will expand the viewership and the sponsorship in the sport tremendously, because they do have an incredibly innovative organization.

“They know everything there is to know about putting on live entertainment and going beyond racing cars. As Eric said, we really have the opportunity for year-round content to really get the younger generation involved, show things behind the scenes, raise and elevate the status of the drivers, which I think is terrific. And then their engaging digital strategy and content focus will be outstanding. There's no question. On a 1 to 10 scale, it's a 10. And I know that I'm not alone in that.

“(McLaren Racing CEO) Zak Brown was strongly supportive, and Chip Ganassi as well. I think all the team owners are super excited. I think it's going to lead to an enhanced product over time as a result of the collaboration. Penske has done a terrific job heretofore, so now it just takes us to a whole new level. That's the way I see it.”