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Penske Entertainment acquires Grand Prix of Long Beach in advance of race’s 50th anniversary – Inside INdiana Business

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Penske Entertainment acquires Grand Prix of Long Beach in advance of race’s 50th anniversary – Inside INdiana Business

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Alexander Rossi passes by as he nears the final hair-pin turn before the checkered flag during the Acura Grand Prix of Long Beach in 2024. (SOPA photo by Jon Putman via AP)

Indianapolis-based Penske Entertainment Group announced Thursday that it has acquired the Grand Prix Association of Long Beach LLC and its IndyCar race—the Acura Grand Prix of Long Beach in California—from longtime owner Gerald Forsyth.

Penske Entertainment, a subsidiary of Bloomfield Hills, Michigan-based Penske Corp., did not disclose terms of the deal.

The Grand Prix of Long Beach is the longest-running major street circuit race in North America and will celebrate its 50th edition in 2025. It’s staged on a 1.968-mile racecourse that snakes through the city and the Long Beach Convention & Entertainment Center.

About 190,000 people regularly attend the three days of race activities, according to Penske Entertainment.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Roger Penske, chair of Penske Corp., said in a news release. “This is the most historic and prestigious street circuit race in North America.

“This race and its loyal fans matter so much to everyone across the IndyCar community,” Penske said.

The race will be the second owned by Penske Entertainment, which owns the Indianapolis Motor Speedway, the NTT IndyCar series and IMS Productions.

Penske Entertainment said it expected “to provide significant investment” in the experience for Long Beach fans, sponsors and hospitality customers, but it did not provide details or an amount it intended to spend on the race.

“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,” Penske Entertainment CEO Mark Miles said in a statement.

Jim Micaelian, CEO of the Acura Grand Prix of Long Beach, said he’s confident Roger Penske and 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.”

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