Penske Entertainment Corp – a subsidiary of the Penske corporation – has purchased the Indianapolis Motor Speedway and the NTT IndyCar Series from Hulman and Company.
The shocking turn of events will now mean Team Penske will compete in a championship that will now be owned by its parent company.
Team Penske has enjoyed a long period of success in IndyCar with 10 different drivers claiming 16 championships since 1977, as well as 18 victories in the world-famous Indianapolis 500, the latest coming from 2016 series champion Simon Pagenaud.
A short statement released on Monday by IndyCar read: "The Board of Directors of Hulman and 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."
Further details of the sale will be discussed later today with Hulman and Co Chairman Tony George and CEO Mark Miles along with Roger Penske.
The purchase of Hulman and Co will mean another acquisition to the Penske brand which includes the stake in the DJR Australian Supercars team in 2014 and the already established NASCAR and IndyCar programmes.
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