IMS Sale Complete, Penske Takes the Wheel
Two months after announcing plans to purchase the Indianapolis Motor Speedway, the NTT IndyCar series and IMS productions from Indianapolis-based Hulman & Co., Penske Entertainment Corp. says it has completed the acquisition.
Financial terms of the deal are not being disclosed.
"We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing," said Roger Penske, founder and chairman officer of Penske Corp. “It is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series."
Penske is just the fourth owner of the IMS. Hulman & Co. acquired the Indianapolis Motor Speedway in 1945.
When the family announced its intentions to sell the raceway and affiliated properties in November, Hulman & Co. Chairman Tony George said Penske was “ideally suited” to take over.
"(Penske is) a corporation that is family-involved much like ours but with a track record that is really without compare," said George, shortly after the sale was announced.
The Penske Entertainment Corp. says it has been working closely with the staff at IMS, IndyCar and IMS Productions to ensure a “smooth and productive transition.”