Penske Entertainment Corp. buys Indianapolis Motor Speedway, IndyCar Series

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Will Power, of Australia, leads Simon Pagenaud, of France, though the first turn during the Indianapolis 500 auto race at Indianapolis Motor Speedway, in Indianapolis Sunday, May 27, 2018. (AP Photo/AJ Mast)

Indianapolis Motor Speedway and the IndyCar Series have been sold to Penske Entertainment Corp. in a stunning announcement that relinquishes control of the iconic speedway from the Hulman family after 74 years.

Tony Hulman bought the dilapidated speedway in 1945 and brought racing back to 16th St. and Georgetown Ave. after a four-year hiatus following World War II.

The speedway spun off multiple other subsidiaries, including the IndyCar Series and Indianapolis Motor Speedway Productions, which are also part of the deal to Penske Entertainment. That group is a subsidiary of Penske Corp., which is owned by billionaire Roger Penske.

Penske is the winningest team owner in Indianapolis 500 history with 18 victories.

The speedway announced a Monday news conference to discuss the deal.

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