This is a PR piece I shared in the IndyCar forum on my BBS, but I thought I
would share it to a wider audience as it is big news! :O
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Penske Corporation To Purchase Hulman & Company
Acquisition to include the Indianapolis Motor Speedway, the NTT IndyCar Series
and IMS Productions
INDIANAPOLIS, IND. (November 4, 2019) . The Board of Directors of Hulman &
Company announced today that it has entered into an agreement to be acquired by
Penske Corporation, a global transportation, automotive and motorsports leader.
Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all
Hulman & Company principal operating assets, including the Indianapolis Motor
Speedway, the NTT IndyCar Series and IMS Productions. The transaction will close
following receipt of applicable government approvals and other standard
conditions.
The acquisition by the Penske organization will carry the future of the
legendary Speedway and the IndyCar Series forward for the next generation of
racing fans.
It was the vision of Carl Fisher to build the Indianapolis Motor Speedway (IMS)
in 1909 and the track hosted its first races later that year. Eddie Rickenbacker
later purchased the Speedway in 1927 before selling it to Tony Hulman and Hulman
& Company in 1945. IMS has been the host of the world.s largest single-day
sporting event . the Indianapolis 500 Mile Race . for more than 100 years. The
iconic venue has also hosted NASCAR, Formula One and other racing series events
throughout its storied history. The NTT IndyCar Series continues to be the
premier open-wheel racing series in North America and is one of the most
competitive championships in the world. IMS Productions is a leading video
services and production company.
.We recently approached Roger Penske and Penske Corporation about this
opportunity and began working to put an agreement in place,. said Tony George,
Chairman of Hulman & Company. .The Indianapolis Motor Speedway has been the
centerpiece and the cathedral of motorsports since 1909 and the Hulman-George
family has proudly served as the steward of this great institution for more than
70 years. Now, we are honored to pass the torch to Roger Penske and Penske
Corporation, as they become just the fourth owner of the iconic Speedway. There
is no one more capable and qualified than Roger and his organization to lead the
sport of IndyCar racing and the Indianapolis Motor Speedway into the future..
Penske Corporation has a rich history of managing major motorsports properties,
beginning with the acquisition of Michigan International Speedway in 1973. Over
the course of its history, Penske and its subsidiaries have also operated the
Grand Prix of Cleveland, Nazareth Speedway and California Speedway, along with
investments in North Carolina Motor Speedway and Homestead-Miami Speedway.
Penske Corporation currently promotes and operates the Detroit Grand Prix,
hosted annually at the Belle Isle Park street circuit.
.My passion for racing began at the Indianapolis Motor Speedway in 1951 when I
attended the Indianapolis 500 with my father,. said Roger Penske, whose race
team celebrated its 50th anniversary of first competing at IMS this year. .We
have so much respect and appreciation for the history and tradition of the
Speedway and the sport of IndyCar racing. I want to thank Hulman & Company for
the opportunity to build on this legacy and it will be an honor for Penske
Corporation to help lead these great institutions forward into a new era..
.The Indianapolis Motor Speedway, the Indianapolis 500 Mile Race and the NTT
IndyCar Series have enjoyed considerable growth over the past decade, with
significant increases in television, digital and social media audiences combined
with record attendance at many of our race venues,. said Mark Miles, President
and CEO of Hulman & Company. .With their track record of business success, their
venue, operation and event experience and their passion for motorsports, Roger
Penske and Penske Corporation will help us take the IndyCar Series, the
Indianapolis Motor Speedway and all of our properties to new heights. Everyone
on our team looks forward to working with them to capitalize on the momentum
that the Series and the Speedway have achieved..
Hulman & Company.s financial adviser was Allen & Company LLC, and its counsel
was Ice Miller LLP for this transaction.
About Penske Corporation
Penske Corporation is a closely-held, on-highway, transportation services
company whose subsidiaries operate in a variety of industry segments, including
retail automotive, truck leasing, transportation logistics and professional
motorsports. Penske Corporation manages businesses with consolidated revenues of
more than $32 billion, operating more than 3,200 locations and employing more
than 64,000 people worldwide.
About Hulman & Company
Hulman & Company is committed to worldwide leadership in motorsports competition
and entertainment through its three entities, the Indianapolis Motor Speedway
(IMS), INDYCAR and IMS Productions. IMS is the world.s largest spectator
sporting facility and the most famous racetrack on Earth. INDYCAR is the
Indianapolis-based sanctioning body for the fastest and most competitive
open-wheel racing series, the NTT IndyCar Series. IMS Productions is a leading
provider of motorsports and sporting entertainment experience solutions.
-- ims pr
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