Roger Penske adds Long Beach street racing to his portfolio as he retains interest in F1 and NASCAR
Roger Penske added North America’s most prestigious street race to his portfolio on Thursday with the purchase of the Long Beach Grand Prix.
He purchased the race from Gerry Forsythe, who owned half of the event with the late Kevin Kalkhoven. Forsythe purchased Kalkhoven’s stock earlier this year as Formula 1 and NASCAR were interested in North America’s longest street race.
Forsythe then turned around and sold the entire package to Penske Entertainment, a deal that ensures the Southern California race remains an IndyCar event at least through its contract with the city of Long Beach that runs until 2028.
Jim Michaelian, president and CEO of the Acura Grand Prix of Long Beach, told The Associated Press on Thursday that the agreement with the city allows only one three-day race weekend per calendar year in the port city.
This year marks the 50th running of the Long Beach Grand Prix and it will return to television with FOX broadcasting the event on April 13.
“We are incredibly proud to be the new curators of this treasured and iconic event,” said Roger Penske. “This is the most historic and prestigious street race in North America, and we are excited to work with Jim Michaelian and his tremendous team in Long Beach to ensure continued success and growth in the long term.
“This race and its loyal fans mean so much to everyone in the IndyCar community, and we look forward to a very special celebration of its 50th anniversary this April as well.”
Michaelian said Penske Entertainment “understands the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional racing weekend for our fans.”
The three-day weekend regularly draws crowds of more than 190,000 people to its 1,968-mile route that surrounds the Long Beach Convention. & Entertainment center. This year’s race had the largest attendance in the modern IndyCar era.
Penske already owns IndyCar and Indianapolis Motor Speedway, and in October, Penske Entertainment announced a 2025 joint venture with the Dallas Cowboys and Texas Rangers on the Arlington Grand Prix.
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