Indianapolis natives are in shock. Hulman & Co. is selling the Indianapolis Motor Speedway, IndyCar and related businesses to Penske Corp. Since both of these companies are private the price is undisclosed, but one can only assume that the price was out of this world since the Indianapolis Motor Speedway is both the racing capital of the world and the Indianapolis 500 is the biggest event in racing year after year. While there were rumors of this sale in not long after the November 3, 2018 death of family matriarch and IMS Chairman of the Board Emeritus Mari Hulman George, no one thought that it would happen this fast. Some of the local natives are unsure of what Penske is going to do with this deal. President & CEO Mark Miles said the sale allowed the company to focus on growing its motor sports operations. This seems to be what Penske Corporation chairman Roger Penske had in mind. He had said that there would be “a possibility of a 24-hour race and an F1 race, improving entertainment for the area.” Penske also intends to keep the traditions of the Indianapolis 500 the same as they have always been. He has lots of respect for the race since he and his company have been with IMS for quite some time. Penske is the winningest team owner in Indianapolis 500 history with 18 victories and knows what would be acceptable to change and what would not be.
(https://www.indystar.com/story/news/2019/11/04/indianapolis-motor-speedw… penske/4154155002/#/questions/)