Penske Buys Indy Speedway, IndyCar Series

Penske Entertainment Corp. has acquired the legendary Indianapolis Motor Speedway—home of the Indy 500 and Brickyard 400 races—and the NTT IndyCar open-wheel racing series from Hulman & Co.

Terms of the deal, which also include Indianapolis Motor Speedway Productions, weren’t disclosed. Penske Entertainment is a subsidiary of Penske Corp., which is owned by racing legend and business tycoon Roger Penske.

The Hulman family has owned the Speedway since 1945, when Tony Hulman bought the facility from Eddie Rickenbacker for a reported $750,000. The first Indy 500 was run in 1911, two years after the track was opened.

Penske attended his first Indy 500 in 1951, when he was 13, with his father. As a team owner, Penske has won a record 18 Indy 500 races, including the last two.

IndyCar was formed as the Indy Racing League in 1994 as a rival to the Championship Auto Racing Teams circuit. Penske Racing remained with CART, during which it missed several Indy 500s, The two series eventually merged in 2008.