Roger Penske And Penske Entertainment Purchase Long Beach Grand Prix

It may not be as big as the announcement five years ago when Roger Penske purchased the Indianapolis Motor Speedway and the Indianapolis 500 on November 4, 2019, but Thursday morning’s announcement that he is the new owner of the Long Beach Grand Prix can still be considered stunning.

The 87-year-old Penske and Penske Entertainment made the shocking announcement at 8 a.m. Eastern Time on Thursday, November 13 that it is the new owner of the Long Beach Grand Prix.

By acquiring the Acura Grand Prix of Long Beach, Penske owns both the largest single day paid sporting event in the World with the Indianapolis 500, and the biggest street race in North America at Long Beach.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske, the Chairman of Penske Corporation. “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.”

The 50^th Acura Grand Prix of Long Beach will be held on April 13, 2025.

“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,” said Acura Grand Prix of Long Beach President & CEO Jim Michaelian. “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.

“I also want to acknowledge the significant contribution that the previous owners, Jerry Forsythe and the late Kevin Kalkhoven, made to the success of our event over the past 19 years.”

Penske Entertainment confirmed the acquisition of the Grand Prix Association of Long Beach, LLC, from longtime owner Gerald R. Forsythe. The association administers the Acura Grand Prix of Long Beach, the longest-running major street circuit race in North America.

The purchase is expected to provide significant investment for the marquee NTT IndyCar Series race, to further enhance this can’t-miss celebration of speed and Southern California motorsport culture for years to come.

As an acclaimed and highly attended annual event located in the nation’s entertainment capital, the Acura Grand Prix of Long Beach is a premier race weekend for the NTT IndyCar Series.

Working alongside the Acura Grand Prix of Long Beach team, Penske Entertainment plans to invest in bolstering and enhancing the experience for race fans, sponsors and hospitality customers.

“This is a major race weekend, not just on our calendar but across the motorsport landscape,” Penske Entertainment President & CEO Mark Miles said. “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.”

The three-day weekend regularly attracts crowds of over 190,000 people to its 1.968-mile racecourse surrounding the Long Beach Convention & Entertainment Center. The 2024 edition featured a supercharged atmosphere, which included the largest attendance in the modern IndyCar era.

The event brings global attention and positive economic impact to its home city, while also maintaining a charitable organization – the Grand Prix Foundation of Long Beach – which has donated more than $4.2 million to those in need within the Long Beach community.

“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,” said Long Beach Mayor Rex Richardson. “Penske Entertainment will be a committed and energetic partner for the future that seeks to preserve and enhance this event’s rich history and strong legacy. We’re looking forward to a great working relationship that benefits everyone who calls Long Beach home.”

The news marks the continuation of an ambitious and productive period for Penske Entertainment, which owns and manages IndyCar and the NTT IndyCar Series. In September, the organization announced the establishment of the first charter system in IndyCar’s history, providing NTT IndyCar Series owners meaningful and enhanced value across their entries.

In October, Penske Entertainment unveiled the IndyCar Grand Prix of Arlington, powered through a first-of-its-kind joint venture with the Dallas Cowboys and Texas Rangers.

The NTT IndyCar Series is North America’s premier open wheel racing series, featuring an international field of the world’s most versatile drivers who compete on superspeedways, short ovals, street circuits and permanent road courses across the United States and Canada.