IndyCar and Indianapolis Motor Speedway have been sold to Penske Entertainment Corporation after both companies announced the deal on Monday in a shocking news release.
Indianapolis Motor Speedway has been owned by Hulman & Co. since 1945.
The news release did not specify details of the payment agreed for the trade.
Roger Penske will join Tony George in a press conference at 11 am ET today to answer questions about the deal.
Tony Hulman bought the decayed oval in 1945 and brought the racing back to the iconic speedway, after a four-year hiatus following World War II.
The speedway was under use of many series and spun ofg many organisations, including Indianapolis Motor Speedway Corporation and IndyCar Series, after the former Champ Car Series and IRL merged in 2011.
Penske has also had a successful history at Indianapolis Motor Speedway, claiming 18 victories on the brickyard including Simon Pagenaud's triumph this May. The team also won the 2019 IndyCar Championship with Josef Newgarden, 15th for Team Penske Organisation.
Roger Penske's love for the speedway dates back to 1951 when his father Jay claimed tickets from the metal fabrication company he worked for. He brought his 14-year old son to attend the race live for the first time after listening to it on radio for many years.
Since then, Penske has only missed six Indianapolis 500 editions, due to the split from CART made by Tony George to form Indy Racing League (IRL). Penske remained in Champ Car Series and therefore couldn't participate in Indy 500.
Tony George, grandson of Tony Hulman who purchased the speedway has long run the speedway with his sibling and board of directors.
The current IndyCar Series is operating at it's best in terms of television ratings and increased interest after the glorious era of CART championship that ended in a disastrous way when NASCAR gained popularity over the series. Tony George then formed the Indy Racing League, while CART continued to run under "Champ Car Series" moniker, which decayed Open-Wheel Racing in North America to this day after both series merged.
The track has also hosted several other events, including current races like Brickyard 400 and Indiana 250.
How the deal will affect IndyCar series is remained to be seen.
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