Roger Penske Adds Long Beach IndyCar Race to Portfolio
The three-day event is one of the largest on the IndyCar schedule
Posted On: November 14, 2024 By :Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach from Gerald R. Forsythe.
Penske Entertainment bought the race from Forsythe, who owned half the event with the late Kevin Kalkhoven. Forsythe bought Kalkhoven’s shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America’s longest-running street race.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske. “This is the most historic and prestigious street circuit race in North America and we’re excited to work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term. This race and its loyal fans matter so much to everyone across the IndyCar community and we’re looking forward to a very special 50th anniversary celebration this April, as well.”
Penske already owns IndyCar and Indianapolis Motor Speedway. In October, Penske Entertainment announced a joint 2025 venture with the Dallas Cowboys and Texas Rangers on the Grand Prix of Arlington.
“Roger and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward,” said Jim Michaelian, Acura Grand Prix of Long Beach president and chief executive officer.
This upcoming year marks the 50th edition of the Grand Prix of Long Beach on April 13. The three-day event regularly attracts crowds of over 190,000 people to its 1.968-mile racecourse surrounding the Long Beach Convention and Entertainment Center. The 2024 edition included the largest attendance in the modern IndyCar era.
“This is a major race weekend, not just on our calendar but across the motorsport landscape,” said Mark Miles, Penske Entertainment president and chief executive officer. “We’re committed to preserving the core attributes that make it best in class while also working on some exciting and bold initiatives to make its future even bigger and brighter.”
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