Penske purchases Long Beach, fends off interest from F1 and Nascar

Penske Entertainment has bolstered its portfolio with the purchase of the Grand Prix of Long Beach.

Confirmed:

• Penske bought the race from Gerald Forsythe, who owned half the event with the late Kevin Kalkhoven
• Deal ensures it remains an IndyCar event at least until 2028

Context:

Forsythe bought Kalkhoven’s shares earlier this year amid reports both Formula One and Nascar were interested in North America’s longest-running street race. Jim Michaelian, president and chief executive of the Acura Grand Prix of Long Beach, told The Associated Press that the deal with the city permits only one three-day race weekend per calendar year in the port city.

Comment:

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

Coming next:

The next Grand Prix of Long Beach will mark the 50th running of the event as it returns to network television with Fox on 13th April 2025.

Go deeper:

• IndyCar 2024 season review: Stuttering viewership and off-track politics overshadow an exciting year
• IndyCar CEO Mark Miles on the Fox media rights deal, expanding into new markets, and plans for an international series