Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.
He bought the race from Gerry Forsythe, who owned half the event with the late Kevin Kalkhoven. Forsythe bought Kalkhoven's shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America's longest-running street race.
Forsythe then turned around and sold the entire package to Penske Entertainment, a deal that ensures the Southern California race remains an IndyCar event at least through its contract with the city of Long Beach that runs through 2028.
Jim Michaelian, president and CEO of the Acura Grand Prix of Long Beach, told The Associated Press on Thursday the deal with the city only permits one three-day race weekend per calendar year in the port city.
This year marks the 50th running of the Grand Prix of Long Beach and it will return to network television with FOX set to broadcast the event April 13.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Roger Penske said. “This is the most historic and prestigious street circuit race in North America, and we’re excited to work with 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.”
Michaelian said Penske Entertainment “understands the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward.”
The three-day weekend regularly attracts crowds of more than 190,000 people to its 1.968-mile course that surrounds the Long Beach Convention & Entertainment Center. This year's race boasted the largest attendance in the modern IndyCar era.
Penske already owns IndyCar and Indianapolis Motor Speedway, and in October, Penske Entertainment announced a joint 2025 venture with the Dallas Cowboys and Texas Rangers on the Grand Prix of Arlington.
___
AP auto racing: https://apnews.com/hub/auto-racing
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for November 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
