A deal that will make Penske Corp. the owner of Indianapolis Motor Speedway and the IndyCar Series drew universal positive reaction from motorsports insiders on Monday morning.
Hulman & Co., which has owned IMS since 1945, announced it was being sold to Penske subsidiary Penske Entertainment Corp. The deal, which includes IMS, the IndyCar Series and Indianapolis Motor Speedway Productions, is expected to close in January.
Mario Andretti, who won the Indy 500 in 1969 and has been heavily involved in IndyCar for the past several decades, said Penske owner Roger Penske called him this morning to share the news.
“I’m over the moon about this,” he said. “If anyone is going to take over the speedway and the series, to me there could be no better person or entity. It’s still part of the family.”
Andretti said he was told the Hulmans had been exploring a sale for a few years, and that Roger Penske, 82, “jumped on it” to prevent a racing outsider from taking over.
Contact our team of sponsorship experts and learn how we can take your sponsorship goals and turn them into reality.