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Roger Penske, in his ninth decade, is capping off 2024 by acquiring the Grand Prix Association of Long Beach LLC, which administers North America’s longest-running street race, it was announced Thursday.
Penske, 87, through his Penske Entertainment, purchased the company from owner Gerald Forsythe. A price was not disclosed.
The move comes ahead of the 50th anniversary of the Long Beach Grand Prix, formally known as the Acura Grand Prix of Long Beach, next April.
The race, held in downtown Long Beach, was once was Formula One event but has been part of U.S. open wheel racing for decades. It is currently part of the IndyCar series, also owned by Penske.
“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 said in a statement.
The Grand Prix Association estimates the Long Beach events more than 190,000 over three days. The race is held on a 1.968-mile course surrounding the Long Beach Convention & Entertainment Center.
Penske owns the Indianapolis Motor Speedway, site of the Indy 500 race. He now adds Long Beach to his portfolio.
During this year, Penske:
—Achieved his 20th Indianapolis 500 victory as a team owner. His driver Josef Newgarden took the lead late during the May race.
—Saw his driver Joey Logano win his third NASCAR Cup championship.
—Reached a new TV television deal starting in 2025 with Fox Sports for the IndyCar series. All IndyCar races will be seen on broadcast television under the agreement. Under IndyCar’s previous pact with Comcast, some races were televised by NBC and some on the USA cable network.
Penske is both a racer and a businessman. He controls various transportation businesses, including a major chain of automobile dealerships.
Once upon a time, Penske developed auto racing tracks. But he sold them off in the late 1990s. Yet, he got back into the business in 2019 when the Indianapolis Motor Speedway was put on the market and he purchased it. The speedway had been owned by the Hulman-George family for more than 70 years.
