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Roger Penske, the renowned racing mogul, has expanded his motorsport empire with the acquisition of the Grand Prix of Long Beach, North America's most prestigious street race. The purchase, announced Thursday, brings the iconic event into the Penske Entertainment portfolio, further cementing his dominance in the world of racing.
A historic deal for Long Beach's future
Penske acquired the Grand Prix from Gerry Forsythe, who had co-owned the event with the late Kevin Kalkhoven. Forsythe had recently purchased Kalkhoven's shares earlier this year, amid rumours that both Formula 1 and NASCAR were eyeing the event.
However, Forsythe ultimately decided to sell the entire operation to Penske Entertainment, ensuring the race will remain a staple of IndyCar for at least the duration of its current contract with the city, which runs through 2028.
The Grand Prix of Long Beach, a three-day event that regularly attracts over 190,000 spectators, is widely regarded as one of the premier races in North America.
The president and CEO of the Acura Grand Prix of Long Beach, Jim Michaelian mentioned that the city's agreement limits the event to a single race weekend per year, solidifying the event's place in Long Beach’s annual calendar.
50th Anniversary celebration to air on FOX
This year marks the 50th running of the Grand Prix of Long Beach, and the historic race will return to national television with FOX broadcasting the event on April 13.
Penske expressed his excitement over the milestone, calling the Grand Prix "the most historic and prestigious street circuit race in North America."
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Penske said. “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.”
Looking ahead: A strong partnership for Long Beach's legacy
Michaelian, who has been instrumental in the race’s growth, is optimistic about the future under Penske’s leadership.
He believes Penske Entertainment, with its deep understanding of the sport’s rich history, will be the perfect partner to continue delivering world-class racing experiences. “Penske Entertainment understands the special history and unique qualities that give us such a strong foundation,” Michaelian said. “They will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward.”
The Grand Prix of Long Beach’s 1.968-mile course, which winds around the Long Beach Convention & Entertainment Center, has become synonymous with high-octane motorsport and unparalleled fan engagement. Penske, who already owns IndyCar and Indianapolis Motor Speedway, is positioning the Long Beach event for long-term success, further solidifying his influence on American motorsports.
Penske's expanding racing portfolio
In addition to his latest acquisition, Penske is also planning an exciting new venture in 2025, a collaboration with the Dallas Cowboys and Texas Rangers for the Grand Prix of Arlington. As the motorsport industry continues to evolve, Penske's strategic acquisitions are reshaping the landscape of racing in the U.S.
