According to a press release, "The Board of Directors of Hulman & Company are announcing the sale of the company and certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp., a subsidiary of Penske Corporation".
The Penske Entertainment Corp. has agreed to purchase Hulman & Company, with Indianapolis Motor Speedway included in the purchase. Chairman Tony Hulman George looks on during a news conference at Indianapolis Motor Speedway in Indianapolis Monday, Nov. 4, 2019.
The deal will close subject to government approvals and other conditions, the statement said. The 82-year-old has the most wins as a vehicle owner (18) in Indy 500 history.
Since first bringing a team to the Indianapolis 500 in 1969, Penske's drivers have a record 18 wins and record 18 pole positions, including this year's win by Simon Pagenaud.
In order to do the best job with the his new assets, Penske is stepping down as race strategist for his IndyCar team.
"My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father", said Penske.
Mark Miles, the chief executive and president of Hulman, said the sale was taking place with IndyCar enjoying a boost in television ratings popularity. He said the family approached Penske after the last race of the season as to not distract from the season. The deal is expected be finalized in January, the AP reported. I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.
For decades Hulman & Company has overseen one of Indianapolis' greatest assets, acting as community partners and stewards of our state's most prized tradition.
The 82 year old received the Presidential Medal of Freedom in October and is known in MI for his efforts to fuel Detroit's resurgence. "Penske Corporation - with its 64,000-plus employees and more than $32 billion in consolidated revenue - will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP".
Support from rival team owners was immediate. Penske teams remained in CART, and CART teams were not welcome at the 500. The split fractured open-wheel racing in North America and it has never fully recovered even after CART conceded and merged into what is now known as IndyCar.
Penske has mixed track ownership and team ownership before, and the Detroit resident first purchased Michigan International Speedway in 1973. The company acquired Michigan International Speedway in the early 1970s and now promotes and operates the Detroit Grand Prix, which runs at the Belle Isle Park street circuit. Along with IndyCar, the Indianapolis Motor Speedway forms the core of an entire racing industry that employs thousands of people and pumps hundreds of millions of dollars into our economy.