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Penske Acquires INDYCAR, IMS
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The Board of Directors of Hulman & Company announced today that it had entered an agreement to be acquired by Penske Corporation.
Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all Hulman & Company assets, including the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series, and video series and production company IMS Productions, pending standard government approval.
Indianapolis Motor Speedway (IMS) was built by Carl Fisher in 1909 and hosted its first races later that year. Eddie Rickenbacker then purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman & Company in 1945.
IMS has been the host of the world’s largest single-day sporting event—the Indianapolis 500 Mile Race—for more than 100 years. The iconic venue has also hosted NASCAR, Formula One, and more.
The NTT IndyCar Series continues as North America’s premier open-wheel racing series and is one of the most competitive championships in the world.
“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” Hulman & Company Chairman Tony George said. “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.”
Penske Corporation has a long history of managing major motorsports properties, beginning with the acquisition of Michigan International Speedway in 1973. Penske and its subsidiaries have also operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. The corporation currently promotes and operates the Detroit Grand Prix, hosted annually at the Belle Isle Park street circuit.
“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. “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.”
Hulman & Company’s financial adviser was Allen & Company LLC, and its counsel was Ice Miller LLP for this transaction.
For more information, visit indycar.com or indianapolismotorspeedway.com.
Image courtesy of INDYCAR
Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all Hulman & Company assets, including the Indianapolis Motor Speedway (IMS), the NTT IndyCar Series, and video series and production company IMS Productions, pending standard government approval.
Indianapolis Motor Speedway (IMS) was built by Carl Fisher in 1909 and hosted its first races later that year. Eddie Rickenbacker then purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman & Company in 1945.
IMS has been the host of the world’s largest single-day sporting event—the Indianapolis 500 Mile Race—for more than 100 years. The iconic venue has also hosted NASCAR, Formula One, and more.
The NTT IndyCar Series continues as North America’s premier open-wheel racing series and is one of the most competitive championships in the world.
“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” Hulman & Company Chairman Tony George said. “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.”
Penske Corporation has a long history of managing major motorsports properties, beginning with the acquisition of Michigan International Speedway in 1973. Penske and its subsidiaries have also operated the Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with investments in North Carolina Motor Speedway and Homestead-Miami Speedway. The corporation currently promotes and operates the Detroit Grand Prix, hosted annually at the Belle Isle Park street circuit.
“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. “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.”
Hulman & Company’s financial adviser was Allen & Company LLC, and its counsel was Ice Miller LLP for this transaction.
For more information, visit indycar.com or indianapolismotorspeedway.com.
Image courtesy of INDYCAR
