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Roger Penske buys Indycar, Indianapolis Motor Speedway


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#51 Atreiu

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Posted 04 November 2019 - 15:20

Wow. I hope you guys can make sense of this for me.

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#52 whitewaterMkII

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Posted 04 November 2019 - 15:20

Quite a nice car collection ol' Rog added to his asset sheet.



#53 OvDrone

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Posted 04 November 2019 - 15:23

Ok, so Penske won the Indy 500, the overall Indycar Championship, the IMSA Prototype Championship, the Bathurst 1000, beyond probably the Supercars Championship and as of today officially owns IMS as well as Indycar itself.

 

That's enough winning for a year.

 

All I'm saying is that Joey does not need to win the Cup. Leave that for someone else and we're all good, Roger. Cheers.



#54 sblick

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Posted 04 November 2019 - 15:23

Penske will pass team to son Jay???  I don't see a problem with him owning it.  He wants to control costs as much as anyone else.  May even see slight loosening of rules.  My idea is he wouldn't have bought without another manufacturer coming on board, or at least a five year commitment from Honda and Chevy.  What has been his statements on foreign races?



#55 whitewaterMkII

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Posted 04 November 2019 - 15:23

Fantastic news, glad to see he bought it than some venture fund like Liberty.

I have no idea where all these fears are coming from. if anyone has followed Penske's career he's never yet screwed up anything he's bought, built or sold.

Oh, except for maybe one year at Indy and something at F1...

 

Edit: FTG


Edited by whitewaterMkII, 04 November 2019 - 15:25.


#56 Pimpwerx

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Posted 04 November 2019 - 15:26

Good to hear. I might start to watch Indycar again. That snake Tony George better not be involved anymore.

#57 maximilian

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Posted 04 November 2019 - 15:27

Any live press conference streams announced?  I wouldn't wanna miss what they have to say...

 

Nevermind:

 

https://www.indycar....al-Presentation


Edited by maximilian, 04 November 2019 - 15:28.


#58 PayasYouRace

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Posted 04 November 2019 - 15:28

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

 

He didn't do that in the CART days.

 

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

 

We'd have been saved a lot of pain if IMS had sold up to Roger or to CART in 1994.



#59 Risil

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Posted 04 November 2019 - 15:30

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

 

Yes, the management of the series has professionalized a great deal over the last 5 years or so. I especially hope they keep Jay Frye.



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#60 pacificquay

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Posted 04 November 2019 - 15:31

He didn't do that in the CART days.

 

 

We'd have been saved a lot of pain if IMS had sold up to Roger or to CART in 1994.

 

He wasn't the sole owner of CART



#61 Radoye

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Posted 04 November 2019 - 15:45

A bit more detailed info:

 

https://www.espn.com...-indycar-series



#62 dweller23

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Posted 04 November 2019 - 15:49

A friendly reminder that Penske wanted to have his own series back in early 1970s during Pocono dispute between USAC and track owners. Took him nearly 50 years but he got there, insane.



#63 Risil

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Posted 04 November 2019 - 15:51

A bit more detailed info:

https://www.espn.com...-indycar-series


The article puts together some interesting bits of info:

Chip Ganassi and Michael Andretti both see the upside. The voluble and abrasive Ganassi said: "I think it's good. It's really good, it's great. The place is going to be run like a business now." Whereas all they got out of the dour and taciturn Andretti was that he regards it as "positive news". No word yet from Chevy and Honda but I assume they'll be happy as they're both partners for Roger's race teams.

Penske only approached IMS this Autumn, but the Hulman and Company board had already decided to sell up. They also sold their only-slightly-less-iconic baking powder brand Clabber Girl this May.

#64 eibyyz

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Posted 04 November 2019 - 15:51

Good to hear. I might start to watch Indycar again. That snake Tony George better not be involved anymore.

 

I think TG has been humbled after his experience with France and Ecclestone.  

 

I know Brian Barnhart seems a more chastened person now.



#65 Risil

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Posted 04 November 2019 - 15:56

I hope Tony George uses some of the windfall to run an Indycar team with Brian Barnhart. Barnhart ran a great operation this year at Harding. Doubt he will though...



#66 maximilian

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Posted 04 November 2019 - 16:02

Live stream is up:

 

https://www.indycar....al-Presentation



#67 Izzyeviel

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Posted 04 November 2019 - 16:05

Somewhat positive news, but can Penske afford to run the IRL & Indy and grow the IRL? That would be my concern. Do we know if he paid cash or did he borrow the money?



#68 whitewaterMkII

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Posted 04 November 2019 - 16:07

Do we know if he paid cash or did he borrow the money?

Probably both, but since it's a deal between privately owned companies, we may never even know what the price tag was.



#69 Risil

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Posted 04 November 2019 - 16:09

I'm not sure how often in business a sale of this size is done in hard cash. But I bet Penske got decent terms for financing the deal. Indycar is the proverbial drop in the ocean for a balance sheet like Penske Corp's. I don't know what Indycar and IMS's revenues are but I bet they're a small fraction of the $34 billion that Penske turns over.



#70 l8apex

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Posted 04 November 2019 - 16:10

If Hulman and Company wanted to sell, I can't think of a better buyer.

 

Penske is a true fan of the sport and loves racing.  I think he will be a good and fair owner.



#71 Mark521

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Posted 04 November 2019 - 16:11

I'm not sure who else could buy IMS and Indycar.  Not from the cost side (probably was bought for less than you think) but who else could make a go of it other than Penske.



#72 Nathan

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Posted 04 November 2019 - 16:23

People should wait to see Penske's plan before getting agitated about possible conflict.

 

Maybe Penske will franchise the series? Easier done with him owning the outfit now.


Edited by Nathan, 04 November 2019 - 16:24.


#73 sblick

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Posted 04 November 2019 - 16:24

Michael said this

 

Michael Andretti, another rival owner, called it "positive news" for the series and the speedway.

"Roger has always strived to do great things for both IMS and Indy car racing, and I'm sure he will continue to do so in this new ownership position," Andretti said. "Both the Indy 500 and the NTT IndyCar Series have been on a rise and I look forward to the continued climb."



#74 djparky

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Posted 04 November 2019 - 16:25

Goodbye and good riddance Tony George..ruiner of Indy Car racing.

Assuming they can manage any COI between being a team owner, I think this is a good move, Penske has many business connections. Hoping Mark Miles and Jay Frye stay around

#75 Joseki

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Posted 04 November 2019 - 16:28

Roger just announced he will step down from his role as strategist.

Also he wants a F1 race and endurance race at IMS.
 

 

WOW!



#76 Risil

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Posted 04 November 2019 - 16:29

Miles is CEO of Hulman and Co so it's likely that he was tasked with selling Indycar (and before then, tightening the ship enough to make it attractive to buyers). I wouldn't expect him to stay on at Indy.



#77 paulb

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Posted 04 November 2019 - 16:34

I had to read the title twice to make sure I wasn't seeing things.

 

You know the business of IMS and Indycar will be more squared away as time progresses. Class for Mr. Penske to call Mr. Ganassi before the announcement.

 

Besides leading to larger and more competitive Indycar grids, my hope is that the payout structure for the 500 will become more equitable.



#78 maximilian

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Posted 04 November 2019 - 16:34

Goodbye and good riddance Tony George..ruiner of Indy Car racing.

Assuming they can manage any COI between being a team owner, I think this is a good move, Penske has many business connections. Hoping Mark Miles and Jay Frye stay around

 

From the sounds of it, Tony George will continue to be involved in some capacity.



#79 whitewaterMkII

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Posted 04 November 2019 - 16:45

From the sounds of it, Tony George will continue to be involved in some capacity.

Polishing cars at the museum is as much as I'd trust him with.



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#80 maximilian

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Posted 04 November 2019 - 16:48

FWIW, he was quite emotional during the news conference, getting a bit choked up several times.



#81 maximilian

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Posted 04 November 2019 - 16:51

Roger just announced he will step down from his role as strategist.

Also he wants a F1 race and endurance race at IMS.
 

 

WOW!

 

Didn't really say WANTS, but they would look into how else they can use the facility, and he used those two as possible examples to explore. 

 

He also didn't rule out a double-header at IMS with NASCAR and IndyCar... which is interesting, because it would mean that IndyCar could be back Indy in July, if that's indeed a thing (because surely the Indy 500 won't be made into a double-header).



#82 BobbyRicky

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Posted 04 November 2019 - 16:52

Roger just announced he will step down from his role as strategist.

Also he wants a F1 race and endurance race at IMS.


WOW!


Yeeeeeeeeesssss!

#83 Dan333SP

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Posted 04 November 2019 - 16:54

I hope this doesn't have any impact on their IMSA program with Acura, I love those cars.



#84 jonpollak

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Posted 04 November 2019 - 16:58

Fantastic move by the Speedway....
All I see is upside and have no fears over this perception of racing based conflict of interest.

RP is a stand up guy and in that presser posted by max(thank you) he asked the gathered to tell him if and when anything is perceived by anyone as conflicted interest..

Business wise the Speedway cannot do better...
If anyone can get a OEM on board it’ll be Roger. Not to mention the sponsor reach he has within all forms of business.

Can’t be happier for Indycar
Jp

Edited by jonpollak, 04 November 2019 - 17:08.


#85 whitewaterMkII

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Posted 04 November 2019 - 16:59

Didn't really say WANTS, but they would look into how else they can use the facility, and he used those two as possible examples to explore. 

 

He also didn't rule out a double-header at IMS with NASCAR and IndyCar... which is interesting, because it would mean that IndyCar could be back Indy in July, if that's indeed a thing (because surely the Indy 500 won't be made into a double-header).

I think he answered that as more a league goal that a facility goal.



#86 Risil

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Posted 04 November 2019 - 17:03

This a relatively small thing in the grand scheme of things but I'm quite excited about what Roger could do for the Indy museum.



#87 maximilian

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Posted 04 November 2019 - 17:04

I think he answered that as more a league goal that a facility goal.

 

Generally yes, because that idea has been floating around for a while now.  The question was asked in connection with IMS specifically, though.



#88 dierome87

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Posted 04 November 2019 - 17:05

Roger just announced he will step down from his role as strategist.

Also he wants a F1 race and endurance race at IMS.
 

 

WOW!

 

Sad not to see The Captain on the pits anymore (he's been there for as long as I can remember).

 

Happy about the prospect of having F1 back at Indy!



#89 djparky

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Posted 04 November 2019 - 17:19

Fantastic move by the Speedway....
All I see is upside and have no fears over this perception of racing based conflict of interest.

RP is a stand up guy and in that presser posted by max(thank you) he asked the gathered to tell him if and when anything is perceived by anyone as conflicted interest..

Business wise the Speedway cannot do better...
If anyone can get a OEM on board it’ll be Roger. Not to mention the sponsor reach he has within all forms of business.

Can’t be happier for Indycar
Jp


Yep agree

#90 Imperial

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Posted 04 November 2019 - 17:36

As with some other folks, I had to read bits of the Autosport article again to make myself understand what I was reading.

My initial thought was "He bought an IndyCar what? Oh...he BOUGHT IndyCar!'

Definitely good news though. If they run it like the team has been run, then the only way is up.

#91 Tsarwash

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Posted 04 November 2019 - 17:44

A massive conflict of interest of course, but I'm sure that he is intelligent and able to sort that out to the satisfaction of the other teams. Personally I would love to see F1 cars runs around the Indy oval proper, although I'm not sure if the current Pirelli's are up to the job. 



#92 lustigson

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Posted 04 November 2019 - 17:52

No different to Ferrari owning F1...



I’ll get my coat.

Edit: damnit lustigson :)

 

Heh heh, I was, of course, referring to one B.C. Ecclestone, owner of Motor Racing Developments (i.e. Brabham), becoming owner of the F1 championship’s commercial rights. At various times at than.  :smoking:

 

RIP IndyCar

 

Penske Corporation presents the PenskeCar Series supported by Penske Entertainment.  :drunk:



#93 Alfisti

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Posted 04 November 2019 - 17:58

IMHo this is brilliant. I know there is a conflict of interest but hopefully Roger sells his team. 

 

For indycar, this is way, way better than some random investor or a competitor buying in, Roger wants a legacy, and this is it. He's a proper racer, he will do good. 



#94 Risil

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Posted 04 November 2019 - 18:07

I have a hard time imagining Team Penske being sold. But I expect Roger will stop having anything to do with its Indycar operations.



#95 Disgrace

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Posted 04 November 2019 - 18:18

Yeah, mixed feelings here too. But the series is far safer in the hands of a racer than a rentier. Few come with such business acumen.



#96 jonpollak

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Posted 04 November 2019 - 18:21

Jenna Fryer chimes in.

https://apnews.com/b...5abb11e7f2a6918

Jp

#97 Alfisti

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Posted 04 November 2019 - 18:24

Just saw the press conference and Roger dodges the conflict question. Not a great start IMHO. He really has to sell his team or the claims of bias will NEVER, EVER end. 



#98 jonpollak

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Posted 04 November 2019 - 18:29

No, it won’t and he’s open to answering all insinuations.

Jp

#99 Risil

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Posted 04 November 2019 - 18:32

I love how all these names from the CART years like Chip Ganassi and Bobby Rahal are chipping in to say this is a great idea.

 

Anyone got any word from AJ? He was an early and then confirmed sceptic of CART, if I remember correctly.



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#100 maximilian

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Posted 04 November 2019 - 18:38

I love how all these names from the CART years like Chip Ganassi and Bobby Rahal are chipping in to say this is a great idea.

 

Anyone got any word from AJ? He was an early and then confirmed sceptic of CART, if I remember correctly.

 

Roger mentioned he had talked to AJ before the announcement, among many others, and that he was supportive as well.