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Roger Penske buys Indycar, Indianapolis Motor Speedway


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#1 Peat

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Posted 04 November 2019 - 13:16

NEWS: Hulman & Company is announces the sale of the company & certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp., a subsidiary of Penske Corporation

 

From Twitter. 

 

If true. Wow. 



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#2 Peat

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Posted 04 November 2019 - 13:20

Seems legit, alot of people reporting it now. 

Wow. Having trouble digesting this. Is this good or is this a disaster??



#3 Victor_RO

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Posted 04 November 2019 - 13:24

Wow. Having trouble digesting this. Is this good or is this a disaster??

 

Same here. I can't make heads or tails of this. Then again, IMS has had major changes in ownership in the past, but... maybe we're just surprised that one is happening for the first time in a LONG time, since the Hulmans took over?

 

Penske's business empire is solid, for now at least, and he's usually a shrewd investor. But the question mark of possible conflicts of interest might still overshadow this...



#4 Peat

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Posted 04 November 2019 - 13:28

It's the ownership of the series that bothers me. He has other tracks. But to own the series he competes in outright?



#5 Jambo

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Posted 04 November 2019 - 13:29

Wow, that is a huge development.



#6 pacificquay

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Posted 04 November 2019 - 13:37

Now he owns the series, he should sell his team.



#7 SophieB

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Posted 04 November 2019 - 13:41

A subsidiary of the Penske Corporation has purchased the IndyCar Series and the Indianapolis Motor Speedway

https://t.co/hsex8652Uk

 

Roger Penske, Hulman Company chairman Tony George and Mark Miles - president and CEO of Hulman and Company - are set to discuss the sale later on Monday.

 



#8 Risil

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Posted 04 November 2019 - 13:41

Announcement coming at 11am EST.

#9 Risil

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Posted 04 November 2019 - 13:42

This is the biggest Indycar news since the demise of CART.

#10 Scudetto

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Posted 04 November 2019 - 13:43

Now he owns the series, he should sell his team.

 

It's really no different than Trump hosting the G8 conference at Doral Internat....never mind.



#11 Marklar

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Posted 04 November 2019 - 13:45

Conflict of interest galore

#12 Risil

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Posted 04 November 2019 - 13:46

Now he owns the series, he should sell his team.


That's too extreme but I'd be very interested to see what structures are used to avoid conflicts of interest.

I know Tony George ran a team while also running Indycar and the Indy 500 but Penske is altogether a bigger deal.

#13 SenorSjon

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Posted 04 November 2019 - 13:46

He is going full Bernie.



#14 Risil

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Posted 04 November 2019 - 13:54

Being widely reported now. Kept that one under wraps, didn't they? Typical bloody Penske!

#15 djparky

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Posted 04 November 2019 - 13:57

Had to read that tweet several times, big big news for Indy Car. Will have to see how this plays out.

#16 Victor_RO

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Posted 04 November 2019 - 13:59

Being widely reported now. Kept that one under wraps, didn't they? Typical bloody Penske!

 

Like the '94 Indy engine. 10 months of development in secret, nobody caught more than fragments of whispers about it... before it was unveiled.



#17 OvDrone

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Posted 04 November 2019 - 14:02

What in the actual **** ?!

 

This is both amazing and appalling at the same time.



#18 eibyyz

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Posted 04 November 2019 - 14:03

NEWS: Hulman & Company is announces the sale of the company & certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp., a subsidiary of Penske Corporation

 

From Twitter. 

 

If true. Wow. 

William Storey is the leading candidate to buy Rajah's racing teams.    


Edited by eibyyz, 04 November 2019 - 14:05.


#19 Afterburner

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Posted 04 November 2019 - 14:06

More here: https://www.abc57.co...way-and-indycar

Reads like a freakin' April Fools headline!

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#20 Risil

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Posted 04 November 2019 - 14:07

We've been hearing for years that the Hulman family wanted to sell and not pass it down the generations as a family business indefinitely.

This is way preferable to selling the Speedway to private equity or NASCAR's owners the Frances. Also IMHO really good news that ownership of the speedway and series are being kept together. Likely precludes any future split.

#21 maximilian

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Posted 04 November 2019 - 14:08

I sure as hell hope this doesn't result in another "split"...



#22 Risil

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Posted 04 November 2019 - 14:08

More here: https://www.abc57.co...way-and-indycar

Reads like a freakin' April Fools headline!


The April Fool's headline is Roger announcing that he's moving the Memorial Day race to the true jewel in his crown, Detroit.

#23 djparky

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Posted 04 November 2019 - 14:13

I sure as hell hope this doesn't result in another "split"...


Dont see this happening again.

#24 Risil

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Posted 04 November 2019 - 14:14

One detail I noticed in the news stories is that Indycar has been bought by a subsidiary, Penske Entertainment Corp. Googling them turns up Penske Media (no relation, a publisher run by Roger's son) and this news story. A new creation? Or have they just flown under the radar?

#25 boomn

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Posted 04 November 2019 - 14:15

Wow Roger, is there no end to the things you can accomplish?!

#26 rghojai

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Posted 04 November 2019 - 14:18

IndyCat makes a rare, off-season appearance to relate his bewilderment.

 

swgjZeR.jpg



#27 Joseki

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Posted 04 November 2019 - 14:19

Honestly, I think it's good for the sport.

 

Yes, there is a conflict of interest but we had one in the past, and Penske knows how to do business, so I'm expecting growth for IndyCar and IMS in the next decade.



#28 Afterburner

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Posted 04 November 2019 - 14:27

Wait, does Penske still own Auto Club Speedway? Does this mean we FINALLY get another race there?

#29 Risil

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Posted 04 November 2019 - 14:35

Yeah, the next 10 years or so are going to be very important for Indycar. Probable retrenchment in the car industry, an older fan base and a growing feeling that big ovals are on life support, but equally there's hybrids, an unusually large amount of goodwill, some special events at the traditional road courses, exciting racing and the sense that NASCAR is within reach for the first time since about 1994.

The series needs to make the right moves so it's a good sign that instead of falling into the hands of a competitor, a fantasist or an extractor of profits, it's been taken on by the outstanding businessman and owner in American auto racing.

#30 lustigson

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Posted 04 November 2019 - 14:35

Wow, this is like a Formula 1 team owner taking over the World Drivers' Championship.

 
Oh, wait...


#31 FullOppositeLock

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Posted 04 November 2019 - 14:36

No different to Ferrari owning F1...



I’ll get my coat.

Edit: damnit lustigson :)

Edited by FullOppositeLock, 04 November 2019 - 14:38.


#32 eibyyz

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Posted 04 November 2019 - 14:38

Wait, does Penske still own Auto Club Speedway? Does this mean we FINALLY get another race there?

 

he sold all his tracks including Fontana to ISC (or whatever it's called now) about ten-ish years ago.  Another smart deal, he sold at the top of the market.



#33 Joseki

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Posted 04 November 2019 - 14:45

@ZBrownCEO
I cannot think of a better owner than Roger Penske and his corporation to ensure the growth and future of IndyCar. His business acumen and dedication to the sport and passion for the Indianapolis Motor Speedway are second to none. High confidence in IndyCar's bright future.

#34 InSearchOfThe

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Posted 04 November 2019 - 14:46

Not a better keeper-of-the- Indy-flame than Roger.

 

I really can't see him selling his team.

 

Does IndyCar have an Emoluments Clause?   :lol:



#35 Radoye

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Posted 04 November 2019 - 14:48

Wow. Just wow. :drunk:



#36 Joseki

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Posted 04 November 2019 - 14:51

Robin Miller's prediction in the split days of Penske one day owning IndyCar and IMS just turned out to be good lol.


Never bet against Miller.

#37 Cynic2

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Posted 04 November 2019 - 14:52

From "The Nostalgia Forum,"  October  17, 2019:

 

This will appear in the program for the Ferrari Club of America annual meet in Scottsdale,Arizona, in November 2019:

 

 

“Roger Penske is the founder and Chairman of Penske Corporation, a closely-held diversified on-highway transportation services company whose subordinates operate In a variety of industry segments, including retail automotive, truck leasing, transportation logistics and professional motorsports.  Penske Corporation manages businesses with consolidated revenues of more than $31 billion, operating in over 3,660 locations and employing more than 63,000 people worldwide.”  

 

Roger Penske essentially built this business from scratch.

 

The article goes on to say “Competing in a variety of disciplines, cars owned and prepared by Team Penske have produced 527 major race wins, 597 pole positions, and 14 championships.  In its 53-year history the team has also earned 18 Indianapolis 500 victories, 2 Daytona 500 Championships, a Formula 1 win and overall victories in the 24 Hours of Daytona and the 12 Hours of Sebring.”

 

Cynic2

 

(My emphasis added -- C2)



#38 Fulcrum

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Posted 04 November 2019 - 14:54

RIP IndyCar



#39 FLB

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Posted 04 November 2019 - 14:54

When Penske started selling assets in the late 1990s, the obvious goal was to build capital for something BIG.



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#40 Risil

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Posted 04 November 2019 - 14:54

Better update that to 3661 locations Cynic

#41 Risil

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Posted 04 November 2019 - 14:55

RIP IndyCar


What is it that worries you?

#42 AustinF1

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Posted 04 November 2019 - 14:57

So ... this is kind of a big deal.



#43 noikeee

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Posted 04 November 2019 - 14:58

I sure as hell hope this doesn't result in another "split"...

 

Don't see it, apart from resulting in Roger having a split personality. Roger with team boss hat and Roger with series manager hat.



#44 ensign14

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Posted 04 November 2019 - 14:58

I'd rather Penske be in charge than Tony George.  Indeed I'd rather Boy George be in charge than Tony George.

 

But Penske Racing needs to be in other hands now. 



#45 rghojai

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Posted 04 November 2019 - 15:03

At the risk of being morbid, nobody lives forever. What happens after the passing of someone who is 82 years old is one helluva question.



#46 ANF

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Posted 04 November 2019 - 15:04

Oh. I read a bit about Roger Penske yesterday and now this happens. Coincidence?

#47 Anja

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Posted 04 November 2019 - 15:06

What a weird turn of events. I'd say it's probably better for IndyCar's future than selling it to some random businessmen with no clue about racing who would only care about squeezing every bit of profit out of it, but it just doesn't feel right that one should own and compete in a series at the same time. 


Edited by Anja, 04 November 2019 - 15:09.


#48 maximilian

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Posted 04 November 2019 - 15:09

Don't see it, apart from resulting in Roger having a split personality. Roger with team boss hat and Roger with series manager hat.

 

The one thing I am a bit concerned about is that some of the other major team owners bulk at this.  All of a sudden, their biggest rival is running the show.  So I really think Penske will need to take extraordinary measures to ensure to his competitors on the race track that nothing has changed as far as the playing field.  Otherwise I could see Ganassi bolting to NASCAR only, Andretti focusing on FE and other series, etc etc.

 

Encouraging to read Zak Brown's response, but how it really plays out in practice, we will have to see.

 

I also hope that some of the people who have done really well to make the series better will remain at their positions.


Edited by maximilian, 04 November 2019 - 15:24.


#49 noriaki

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Posted 04 November 2019 - 15:18

I do applaud the man but at the same time I'm not sure what it means for the series long term. Hopefully he will at least pass on the management of the Penske team to Cindric or someone.

#50 BRG

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Posted 04 November 2019 - 15:20

I have great respect for Penske, but I am not sure that this is a desirable development.