Roger Penske completed his purchase of Indianapolis Motor Speedway on Monday, becoming just the fourth owner of the historic facility and subsidiaries that include the IndyCar Series.
The speedway had been owned by Tony Hulman and Hulman & Co. since 1945, but the family approached Penske in September for advice when Tony George and his three sisters decided to sell. Penske jumped at the opportunity.
Terms of the sale have not been disclosed, but people familiar with the transaction have told AP some of the discussions involved offers of $250 million and $300 million for the package, with a promise of additional capital improvements to the speedway. The IndyCar Series has been in a slow rebuild but the industry hopes Penske’s reach can speed up the process. Penske does not plan to make any immediate changes to leadership at the speedway or IndyCar, but he does plan to put his own board of directors in place.
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