The Long Beach Grand Prix has a new owner, billionaire Roger Penske’s Penske Entertainment.
The purchase adds to Penske’s racing portfolio, which already includes Team Penske auto racing, the Indianapolis Motor Speedway and the IndyCar series.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Penske in a news release. “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.
Penske acquired the race from longtime owner and auto racing magnate Gerald R. Forsythe.
Earlier this year, Racer magazine reported that Forsyth had consolidated control of the race by acquiring the remaining 50-percent share of Grand Prix owned by his late partner, Kevin Kalkhoven — a move that tamped down speculation that NASCAR or Formula 1 would try to take control of the event.
“If [any series] has its sights on Long Beach please tell them to look elsewhere. This [is] an IndyCar event, and it will be into the future,” he told Racer .