Penske buys Indianapolis Motor Speedway, IndyCar Series

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Thread: Penske buys Indianapolis Motor Speedway, IndyCar Series

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    GMI Staff Member Premium Member nadepalma's Avatar
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    Penske buys Indianapolis Motor Speedway, IndyCar Series

    Roger Penske buys Indianapolis Motor Speedway, IndyCar Series
    Associated Press
    11-04-2019
    ESPN

    Indianapolis Motor Speedway and the IndyCar Series were sold to Penske Entertainment Corp. in a stunning move Monday 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 the corner of 16th Street and Georgetown Avenue after a four-year absence following World War II. Roger Penske will become just the fourth owner of the 110-year-old speedway.

    The speedway spun off multiple 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.

    "Great day for our family and our team," Penske said in a text message to The Associated Press.

    CONTINUE AT LINK ABOVE
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    GMI Staff Member Premium Member nadepalma's Avatar
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Good move for the series and the actual motor speedway.

    Seems no one was happy under the former regime.
    "La vita Ť come un albero di Natale..c'Ť sempre qualcuno che ti rompe le palle!"

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Damn, that's some crazy news right there. I'll be interested to see what changes he will bring.

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    It is a shame GM did not sell them Saturn instead of killing it
    26 + 6 = 1

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    GMI Staff Member Premium Member nadepalma's Avatar
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Quote Originally Posted by Self Reliance View Post
    It is a shame GM did not sell them Saturn instead of killing it
    IIRC, GM was willing to sell the brand to Penske, but he had to find a manufacturer to supply him with new products after whatever temporary supply deal with GM expired. Roger went to talk to Renault about selling some products in the US -- both from their European operations and from their Renault Samsung Motors subsidiary. Most of the cars in the Renault Samsung portfolio at the time were Nissan-derived (SM5, SM7, etc).

    Rumor was that Nissan, as Renault's partner, squashed the deal. And why shouldn't they? What sense would it have made to basically allow a competitor (even one as small as Saturn) to basically selling revised and restyled Nissans from Asia for the US market?

    Any deal would have hinged on that kind of arrangement. When one couldn't be procured, I'm sure Penske himself killed the deal (let along any ideas GM had).
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Quote Originally Posted by nadepalma View Post
    Good move for the series and the actual motor speedway.

    Seems no one was happy under the former regime.
    Wife texted me the article from our local newspaper this morning, and I was beyond shocked. I thought the Hulman/George group would own it forever. It will be interesting to see what changes happen, and how quickly.
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Not a bit surprised.

    If you follow Indy Car, they are in dire straits. They have had enough idiots in charge to just about kill the series going back about 35 or 40 years now.

    If they had any desire to not go down in history as the crew that ended the Indy 500 forever, they needed professional help. This is the type of professional help needed. This guy brought a Super Bowl into Detroit, and has fixed Belle Isle up enough to run Indy Cars there and get it all approved. Oh, and he has won more Indy 500s than any other owner, by far. He is still deeply engaged in US motorsports, with teams in NASCAR, Indy, and ALMS/IMSA.

    Really, not a surprise. This isn't a real estate deal primarily. It's a racing deal. Penske bought MIS out of bankruptcy and ended up selling it to NASCAR's ISCA. Actually, he is the logical buyer.

    If you care about the future of it all.

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Quote Originally Posted by Chassis Guy View Post
    Not a bit surprised.

    If you follow Indy Car, they are in dire straits. They have had enough idiots in charge to just about kill the series going back about 35 or 40 years now.

    If they had any desire to not go down in history as the crew that ended the Indy 500 forever, they needed professional help. This is the type of professional help needed. This guy brought a Super Bowl into Detroit, and has fixed Belle Isle up enough to run Indy Cars there and get it all approved. Oh, and he has won more Indy 500s than any other owner, by far. He is still deeply engaged in US motorsports, with teams in NASCAR, Indy, and ALMS/IMSA.

    Really, not a surprise. This isn't a real estate deal primarily. It's a racing deal. Penske bought MIS out of bankruptcy and ended up selling it to NASCAR's ISCA. Actually, he is the logical buyer.

    If you care about the future of it all.

    It's great news IMO

    I'm an Indycar fan and I think the Penske ownership is a very positive step.

    Now we need to get my driver Hinch a new ride and all will be good for 2020!

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Penske is 82.
    Who takes over after him??
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    With 18 Indy 500 wins some might say Penske already owned the Speedway.
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Roger Penske is one of the world's greatest, and most-respected businessmen as well has been a top race team owner for decades. This is very good news for IMS as well as IndyCar. I will be interested to see the path that Mr. Penske and his team lay out for both in the futue.
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Quote Originally Posted by kool1 View Post
    It's great news IMO

    I'm an Indycar fan and I think the Penske ownership is a very positive step.

    Now we need to get my driver Hinch a new ride and all will be good for 2020!
    Hinch still has life left. He will get something. If Penske stirs it up enough, maybe new teams will enter, looking for someone experienced enough to help them get it right. I'm sure he'd rather get a top tier job, but being a sort of American Kimi Raikonnen could still be worthwhile, especially if he lands an ownership piece - you know, for that retirement that young guys don't consider. Unlike F1, Indy Car has enough course variation that no manufacturer dominates. He has had his share of bumps in the road thus far, and pulled through. Good guys do find spots.

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Its about time Indy gave the Soap Opera that is F1 a run for the money

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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series

    Quote Originally Posted by Z Fury View Post
    I thought the Hulman/George group would own it forever.
    Many folks thought that Hulman & Company would own Clabber Girl Baking Powder forever, but Hulman sold it in May 2019 after almost 120 years.



    Now that Hulman & Company sold IMS too, does Hulman have any businesses worth noting?
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    Re: Penske buys Indianapolis Motor Speedway, IndyCar Series



    I just saw the new Indycar windscreen, looks like a shopping basket from behind, or a cooking pot. DPis from IMSA are so cool
    Last edited by mbukukanyau; 11-06-2019 at 01:18 AM.

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