An "emotional" Hulman & Co. Chair Tony George late this morning announced he and his family are officially turning over Indianapolis Motor Speedway, IndyCar and its related businesses to Roger Penske and the Penske Entertainment Corp., according to Ginger Rough of the INDIANAPOLIS STAR. Penkse, who becomes the track's fourth owner, "immediately hinted that he had big plans to invest new money and new events" at IMS. Without committing to specifics, Penske mentioned the speedway being the "entertainment capital of the world." He also "threw out ideas that ranged from additional fan zones to 24-hour" and F1 racing. Penske said that he "hoped the deal would close within 60 days, but it still must be approved by governmental entities and regulators." Other details of the sale -- including price -- were not disclosed. George said that he first approached Penske about "stewardship" of IMS and its related assets at the last race of the season, calling it "an important decision for our family, especially at this time" (INDIANAPOLIS STAR, 11/4). IndyCar President & CEO Mark Miles said that the Hulman family "will still be involved" with the business. He added, "The most important thing in this transaction and making these arrangements is the transition from the phenomenal heritage of where we come from and transferring that to Roger Penske" (WTHR.com, 11/4). George has "long run the speedway and its properties along with his sisters and a board of directors." However, matriarch Mari Hulman George died last November, and the family has now "turned over all its racing properties to Penkse" (AP, 11/4).
Penske hopes the deal will close within 60 days, pending regulatory and governmental approvalgetty images
EYE OF THE BEHOLDER: YAHOO SPORTS' Nick Bromberg notes this is "not the first time that Penske has owned a track that his teams have competed on." Penske was the original owner of Auto Club Speedway before selling it to NASCAR's now-defunct ISC. He also owned Michigan Int'l Speedway "for over 25 years before ISC purchased it." Penske has "always spoken with reverence" about IMS and the Indy 500. It is the "most historic track in American auto racing and the 500 is the most fabled race." It is "easy to see why Penske was interested in purchasing the property" (SPORTS.YAHOO.com, 11/4).
INSTANT REACTIONS: Mario Andretti said that he was told the Hulmans had been "exploring a sale for a few years." He said Penske "jumped on it" to prevent a racing outsider from taking over. Andretti: "He wants to protect the integrity of what is there and knows much more can be done by understanding the magnitude of what we have. Quite honestly, I don't think in recent times that's been understood." McLaren Racing CEO Zak Brown: "I cannot think of a better owner than Roger Penske and his corporation to ensure the growth and future of IndyCar." Longtime IndyCar team Owner Chip Ganassi: "It's great. The place is going to be run like a business" (IBJ.com, 11/4).
