Roger Penske didn’t invent motorsports. However he actually discovered a technique to dominate it, successful 17 championships within the IndyCar sequence he owns and 5 NASCAR titles. His drivers have gained the Indy 500 a file 20 occasions, which can be one motive he determined to purchase that observe as nicely.
On Thursday he expanded his empire by buying the , the longest-running main road race in North America and one of many largest and extra vital occasions on Southern California’s sporting panorama. Monetary phrases of the deal between Penske and Gerald R. Forsythe, the long-time proprietor of the occasion, weren’t disclosed. Forsythe and accomplice Kevin Kalkhoven paid a reported $15 million for the occasion in 2005.
Not that the fee mattered to Penske, who stated he considers the Grand Prix priceless.
“It’s an iconic race,” he stated. “When you concentrate on markets and the place we need to make sure that we now have IndyCar long run, it is a place we need to spend money on for certain.”
The three-day occasion, which is able to rejoice its fiftieth anniversary in April, attracts almost 200,000 folks to the streets of Lengthy Seashore, contributing an estimated $63 million to the area’s financial system yearly. However Penske is extra fascinated about what the Grand Prix does for racing, notably IndyCar. The sequence will stage 17 occasions subsequent yr, six on oval speedways, seven on street programs and 4 on the streets, making it probably the most eclectic racing sequence within the U.S.
“I’m a enterprise man and I believe the variety makes an enormous distinction,” Penske stated. “We’ve been taking a look at, from a administration perspective, to attempt to make our sequence higher.
“We’re not competing with NASCAR, Components 1.”
The acquisition of the Lengthy Seashore race, the second-longest-running race on the IndyCar schedule, enhances one other main change the sequence is making in 2025. After 16 years with NBC as its main broadcast accomplice, IndyCar is leaping to Los Angeles-based Fox, which reportedly supplied greater than $25 million a yr for the rights, stated to be a big improve from what NBC paid. Fox additionally promised to broadcast all 17 races on linear tv along with protection on its Spanish-language cable community, Fox Deportes.
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Rumors of Penske’s curiosity in buying the Lengthy Seashore race have been swirling for months, with the lengthy checklist of different consumers stated to incorporate the France household, founders of NASCAR; , chairman of the ‘ possession group; and Liberty Media, which has a stake in Components 1 racing.
The occasion was the shared property of Forsythe, 87, an American businessman and auto racing magnate, and Kalkhoven, his Australian-born accomplice. After Kalkhoven died in 2022, his property put its 50% stake within the race up on the market and Forsythe purchased it final March, promising to maintain it an IndyCar occasion whereas additionally getting ready to promote.
At a time when the land that racetracks sit on has grow to be so useful that builders are paying file sums to tear them down and construct industrial parks of their place, shopping for a race that’s run on metropolis streets was a wise funding on quite a few ranges.
“It was completely vital strategically,” Penske stated. “Jerry Forsythe I’ve recognized for an extended, very long time. We raced collectively, raced towards one another. When Kalkhoven handed away I contacted him and stated, ‘Look, if you are going to do one thing with Kalkhoven’s share, we’ll purchase it. The truth is, we’ll purchase the entire thing.
“It was a handshake over the cellphone. And we’ll shut this factor this week.”
Penske, 87, stated he plans few noticeable modifications to what Jim Michaelian, the Grand Prix’s president and CEO, has set for subsequent yr. However he’s more likely to get extra concerned within the race going ahead.
“I by no means name me a hands-off proprietor,” he stated. “We’re going to take the teachings discovered and take a look at what the followers need and we’re going to execute the playbook Michaelian has put collectively. He’s completed an excellent job.
“We’re very fortunate that Jerry [Forsythe] would give us the chance.”
The acquisition of the Grand Prix of Lengthy Seashore, the second-largest road race on the earth behind solely the Components 1 Grand Prix in Monte Carlo, additionally marks Penske’s return to Southern California racing at a time when the game seems to be in retrenchment. Penske was on the board of the short-lived Ontario Motor Speedway within the Seventies, then constructed the California Speedway on the positioning of the Kaiser Metal mill in 1994. Each tracks have since been demolished, a destiny that awaits the Irwindale Speedway after its remaining program subsequent month.
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That leaves the Grand Prix of Lengthy Seashore as the one main motorsports occasion in a area that after hosted dozens of racing sequence every year.
“One of many good issues in regards to the race in Lengthy Seashore, it has been there, and town and the folks have supported it,” Penske stated. “So look, we’re large open and we’re in for enterprise. This isn’t a hold on or one thing. We need to attempt to roll over and make it higher.
“What we need to do is add to the visitor expertise and make it a spot so we will take our sponsors. Fairly truthfully, it is an excellent spot to entertain in.”
This story initially appeared in .
