Penske Entertainment Corp. has acquired Indianapolis Motor Speedway and the IndyCar series, a move that brings the speedway’s 74 years with the Hulman family to a close.
"For a number of years, the Hulman & Company management and board have engaged outside advisers and experts to consider the full range of strategic options available," reads a document of message points sent to IndyCar teams on Monday and obtained by the Associated Press. "Ultimately, it was decided to focus on the possible sale of the company and finding a buyer that would be the best steward of the company and its iconic assets."
Tony Hulman purchased the speedway in 1945 after a four-year racing absence following WWII. The track saw multiple rises in subsidiaries such as the IndyCar Series and Indianapolis Motor Speedway Productions while in Hulman’s charge.
Details of the deal, which is expected to close in January, will be discussed in a news conference on Monday.