Penske Entertainment buys IndyCar series and IMS from Hulman & Company
The IndyCar series along with Indianapolis Motor Speedway has been sold to Penske Entertainment Corp, it has been announced.
In a stunning news on Monday morning, it was announced and confirmed that IndyCar series and the IMS circuit has been bought by Penske Entertainment Corp, which is a subsidiary of Penske Corp, owned by billionaire and Indy team owner, Roger Penske.
The speculations of Hulman selling off IndyCar and IMS has been doing rounds for few years despite them shunning down any news. However, it was eventually confirmed that Hulman & Company has agreed to sell the series and the circuit along with other assets.
The Hulman family has owned the IMS for 74 years, since buying it in 1945 when the World War II was on. The IndyCar series, meanwhile, was born as Indy Racing League at first in 1996 before becoming Indy Racing Northern Light Series in 2000.
It was finally re-branded as IndyCar in 2003 when it merged with Champ Car World Series (CART). A formal announcement of the sale will be made through a press conference involving Roger Penske, Hulman's Tony George and Mark Miles, later on Monday.
A short statement read: "The Board of Directors of Hulman & Company are announcing the sale of the company and certain subsidiaries, including the Indianapolis Motor Speedway, the NTT IndyCar Series and Indianapolis Motor Speedway Productions (IMS Productions), to Penske Entertainment Corp., a subsidiary of Penske Corporation."
The article will be updated with new information
[Image courtesy: IndyCar] [Copyright: This story was also written by me on FormulaRapida.net]