IndyCar and Indianapolis Motor Speedway are being acquired by Penske Entertainment Corp., the first time the Hulman family is relinquishing control of the major racing properties. Terms were not revealed for the deal, which had not been previously reported as in the works. A press conference is slated for 11:00am ET. The sale also includes the IMS Productions media company, the other major race-related asset of parent company Hulman & Co.
Mark Miles, President & CEO of IndyCar and IMS, told Sports Business Journal as recently as September that the company was not for sale, but insiders have long predicted this possibility because IndyCar was one of the biggest family-owned sports in America and appeared ripe for a buyout. Hulman & Co. also divested its stake in baking powder company Clabber Girl earlier this year, which raised eyebrows among industry insiders.
The sale to Penske is a massive development but will immediately raise conflict-of-interest questions given Roger Penske owns Team Penske, which is the most successful team in series history. Penske will be at this morning's press conference alongside Miles and Hulman & Co. Chair Tony George.
