Penske Entertainment’s Newest Acquisition Promises Big for IndyCar Future

Penske Entertainment’s has acquired the Grand Prix Association of Long Beach, representing a huge development for the future of the IndyCar series. The organization that manages the Acura Grand Prix of Long Beach has long been a cornerstone of American motorsport, hosting the longest-running major street circuit race in North America.

As it approaches its 50th anniversary, Penske’s involvement promises substantial investment, aimed at improving the event further.

The acquisition is seen as a move to further integrate the NTT INDYCAR SERIES into popular motorsport culture in Southern California. This region, known for its passionate fan base and love for anything automotive, stands to benefit significantly from these improvements and increased exposure. The investment is expected to elevate the overall experience, not only in terms of the event itself but also in its role as a leading attraction in the racing calendar.

The 2024 Grand Prix, marking half a century of rich history, is readying itself for an exceptional celebration. Scheduled for April 13, it will include special programming and a return to network television, with FOX broadcasting the event live. This substantial media partnership is set to increase viewership while also improving the visibility of both the race and the broader IndyCar brand.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Roger Penske shared via a press release sent to Newsweek.

Jim Michaelian, President & CEO of the Acura Grand Prix of Long Beach, is also enthusiastic.

“As we prepare to celebrate a truly remarkable milestone, the 50th anniversary of this amazing event, it’s fitting that we have such exciting and important news to share about its future.”

This acquisition arrives at a time when Penske Entertainment is actively working to redefine its racing series. The company recently introduced IndyCar’s first charter system, aimed at stabilizing its teams while improving the field.

The Grand Prix of Long Beach is not only a key date in the IndyCar calendar; it’s a major economic and cultural event in North America, regularly drawing over 190,000 attendees. It infuses significant revenue into the local economy and has historically played a substantial role in fostering community engagement. The city’s mayor, Rex Richardson, highlighted just how important it is:

“The Grand Prix is an incredibly vital and vibrant asset for our community and an annual event that drives commerce, attracts tourism, and elevates cultural connectivity across our city.”

Additionally, the Grand Prix Foundation of Long Beach has, over the years, contributed more than $4.2 million to community charities.

Having started as a Formula 5000 race before transitioning to Formula 1, it later became a staple in the IndyCar series in 2008. By broadcasting all NTT INDYCAR SERIES races, Penske Entertainment aims to engage a broader audience, leveraging network television exposure to boost fan engagement.