Roger Penske has expanded his racing empire by acquiring the prestigious Grand Prix of Long Beach, the most renowned street race in North America. The race was purchased from Gerry Forsythe, who previously co-owned it with the late Kevin Kalkhoven. Forsythe recently bought out Kalkhoven's shares amidst rumors of Formula 1 and NASCAR showing interest in the event.
Penske Entertainment finalized the deal with Forsythe, ensuring that the Grand Prix of Long Beach will remain an IndyCar event until at least 2028, in accordance with the city of Long Beach's contract. The city's agreement allows for only one three-day race weekend per calendar year.
The upcoming 50th edition of the Grand Prix of Long Beach is set to be broadcast on FOX on April 13, marking a significant milestone for the event. Roger Penske expressed his pride in becoming the new custodian of this iconic race, emphasizing its historical significance and importance within the IndyCar community.
Jim Michaelian, the president and CEO of the Acura Grand Prix of Long Beach, praised Penske Entertainment for recognizing the race's unique heritage and pledged to work together to ensure its continued success and growth. The event typically draws crowds exceeding 190,000 spectators to the 1.968-mile street circuit surrounding the Long Beach Convention & Entertainment Center, with this year's race boasting the highest attendance in the modern IndyCar era.
Penske, who already owns IndyCar and the Indianapolis Motor Speedway, further expanded his racing portfolio in October by announcing a joint venture with the Dallas Cowboys and Texas Rangers for the Grand Prix of Arlington in 2025. The acquisition of the Grand Prix of Long Beach solidifies Penske's position as a key figure in the motorsports industry, with a commitment to upholding the legacy and tradition of this esteemed street race.
