Penske Purchases Grand Prix Of Long Beach, Keeping It In Control Of IndyCar [Video]

LONG BEACH, Calif. — In 2020, Roger Penske and his entertainment company, Penske Entertainment, bought the Indianapolis Motor Speedway. The acquisition included the NTT IndyCar Series and by default the Indianapolis 500. Now, Penske is adding another iconic event to his business portfolio.

In a press release Thursday morning, Penske Entertainment announced that it has acquired the Grand Prix Association of Long Beach, which is the organizing body of the Grand Prix of Long Beach and all events associated with it.

“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 Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term.”

The amount Penske paid to purchase the association from previous owner Gerry Forsythe was not disclosed. Though not …