Penske Entertainment, owner of INDYCAR and the Indianapolis Motor Speedway, has acquired the Grand Prix Association of Long Beach from longtime owner Gerald R. Forsythe. The association administers the Acura Grand Prix of Long Beach, the longest-running major street circuit in North America.

The purchase is expected to provide significant investment for the marquee NTT INDYCAR SERIES race, to further enhance the event, the company said in a statement announcing the acquisition.

"We're incredibly proud to be the new stewards of this cherished and iconic event," said Roger Penske. "This is the most historic and prestigious street circuit race in North America, and we're excited to work with [Acura Grand Prix of Long Beach President and CEO] Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term. This race and its loyal fans matter so much to everyone across the INDYCAR community, and we're looking forward to a very special 50th-anniversary celebration this April, as well."

Working alongside the Acura Grand Prix of Long Beach team, Penske Entertainment plans to invest in bolstering and enhancing the experience for race fans, sponsors and hospitality customers.

For more information, visit indycar.com or gplb.com.