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 Penske Buys IMS and Series
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mikeamerica84
V8 Champion



USA
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Posted - 05 Nov 2019 :  02:39:40  Show Profile Send mikeamerica84 a Private Message  Reply with Quote
This is great news, men!

Roger Penske and his group have purchased the Indianapolis Motor Speedway from Hulman and Company. Along with this they have also purchased the IndyCar Series itself.

************

INDYCAR, IMS acquired by Penske Corporation
By INDYCAR | Published: Nov 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.

https://www.indycar.com/News/2019/11/11-04-INDYCAR-Penske



The V8CFL - Without fantasy, life is simply life

Edited by - mikeamerica84 on 05 Nov 2019 03:24:35

Wrighty05
Last of the Big Bangers



Tonga
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Posted - 05 Nov 2019 :  09:01:58  Show Profile  Click to see Wrighty05's MSN Messenger address Send Wrighty05 a Private Message  Reply with Quote Copy this URL to Link to this Reply
Well he bought Bathurst for a lot less the other day, so this seems a natural progression

But isn’t this a bit like the fox running the hen house???

Interesting times

RIP05

_Mholden

RIP LJ - loved and never forgotten.

"It was dry for the second go-around. Grice, nervous, worrying about his Bathurst jinx, ran 2:25.9. The amazing Brock, using every last centimetre of bitumen, yet keeping the car straight and balanced and at full noise, came back with a staggering 2:20.0 as if to say: "Match that". And people just shook their heads, bit their lips and wondered who would be second".

The Peter Brock trophy is now where it belongs.

Edited by - Wrighty05 on 05 Nov 2019 09:02:49
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Fast by Ferracci
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Posted - 05 Nov 2019 :  09:19:45  Show Profile Send Fast by Ferracci a Private Message  Reply with Quote Copy this URL to Link to this Reply
Not so sure it’s great news personally, Presumably Penske will now withdraw his team from the series?

At least it wasn’t bought by NASCAR...... I would have never thought in my life time I would see ownership transfer from the Hulman family, quite sad really

With Penske buying, does this mean CART has ultimately won the war?

Edited by - Fast by Ferracci on 05 Nov 2019 09:21:02
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Sonic
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Posted - 05 Nov 2019 :  13:16:28  Show Profile Send Sonic a Private Message  Reply with Quote Copy this URL to Link to this Reply
hate to even imagine how many zero's there were in that transaction!

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mikeamerica84
V8 Champion



USA
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Posted - 05 Nov 2019 :  13:47:47  Show Profile Send mikeamerica84 a Private Message  Reply with Quote Copy this URL to Link to this Reply
His buying out of Hulman & Company ices Tony George, the man who single handedly ruined American open wheel racing with his silver spoon in his mouth birthright and ability to make poor decisions in this area, from calling any shots in the IndyCar or IMS future - w/o Roger's nod.

Everything RP has done business-wise has been a success. IndyCar and Indianapolis Motor Speedway just took a HUGE step forward.

And yes, F by F, I never thought of that angle. CART may have prevailed. Instead of the owners running the series though, as in CART, only ONE owner will be running it. A dictatorship, if done properly IS the perfect form of government.

The V8CFL - Without fantasy, life is simply life
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DJRford
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Posted - 06 Nov 2019 :  01:12:57  Show Profile Send DJRford a Private Message  Reply with Quote Copy this URL to Link to this Reply
Already sounds like he has some grand plans for the series and the tracks. I look forward to seeing what comes of it.



























































































_Mford














"This whole thing is just a media beat up and you V8 Supercar fans( another name for suckers, bogans, lowlifes etc ) have taken the bait hook line and sinker." - Champcarman
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mikeamerica84
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Posted - 06 Nov 2019 :  06:34:18  Show Profile Send mikeamerica84 a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by Sonic

hate to even imagine how many zero's there were in that transaction!

Take this or leave it, but one comment on this board quotes a tweet of mid-nine figures.

So.... we'll start the guessing at $500 million American.

https://racer.com/2019/11/05/miller-sometimes-you-break-the-story-sometimes-the-story-breaks-you/

************

And further reports of the turnover have the Hulman family approaching Penske to take it all over and buy them out, not vice versa. So it wasn't like it was hostile takeover or making them an offer they couldn't refuse.

The V8CFL - Without fantasy, life is simply life

Edited by - mikeamerica84 on 06 Nov 2019 13:05:44
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Sonic
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Posted - 06 Nov 2019 :  14:20:09  Show Profile Send Sonic a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by mikeamerica84

quote:
Originally posted by Sonic

hate to even imagine how many zero's there were in that transaction!

Take this or leave it, but one comment on this board quotes a tweet of mid-nine figures.

So.... we'll start the guessing at $500 million American.

https://racer.com/2019/11/05/miller-sometimes-you-break-the-story-sometimes-the-story-breaks-you/

************

And further reports of the turnover have the Hulman family approaching Penske to take it all over and buy them out, not vice versa. So it wasn't like it was hostile takeover or making them an offer they couldn't refuse.




Ah... just some pocket change then...

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CP
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Posted - 07 Nov 2019 :  00:33:36  Show Profile  Visit CP's Homepage Send CP a Private Message  Reply with Quote Copy this URL to Link to this Reply
Who owned Champcar in its dying days?

Kalhkoven and Forsythe?
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mikeamerica84
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Posted - 07 Nov 2019 :  03:10:13  Show Profile Send mikeamerica84 a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by CP

Who owned Champcar in its dying days?

Kalhkoven and Forsythe?

Yes.... and Paul Gentilozzi.

The V8CFL - Without fantasy, life is simply life
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Fast by Ferracci
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Posted - 07 Nov 2019 :  17:16:18  Show Profile Send Fast by Ferracci a Private Message  Reply with Quote Copy this URL to Link to this Reply
Penske buying pretty much ensures the Indy 500 will start offering guaranteed starting spots for series regulars, rather than the fastest 33 cars making the race

quote:
Originally posted by mikeamerica84

His buying out of Hulman & Company ices Tony George, the man who single handedly ruined American open wheel racing with his silver spoon in his mouth birthright and ability to make poor decisions in this area, from calling any shots in the IndyCar or IMS future - w/o Roger's nod.

Everything RP has done business-wise has been a success. IndyCar and Indianapolis Motor Speedway just took a HUGE step forward.

And yes, F by F, I never thought of that angle. CART may have prevailed. Instead of the owners running the series though, as in CART, only ONE owner will be running it. A dictatorship, if done properly IS the perfect form of government.



In my opinion Tony forming the IRL was the right move for the Speedway, CART had other priorities at the time mainly focused overseas.

In reality the forming of the IRL in 1996 was just fighting the ship from the original breakaway that formed CART in 1979

A dictatorship does work best, but not when the dictator has a team running in the series he is dictating....

Edited by - Fast by Ferracci on 07 Nov 2019 17:19:47
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oldtimer
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Posted - 07 Nov 2019 :  22:42:04  Show Profile Send oldtimer a Private Message  Reply with Quote Copy this URL to Link to this Reply
Roger's organisation owning Indycar might assist to get an Australian round, even if it is just the spare cars and some of the drivers.

They have a 33 car grid at Indy, so even 15 or 16 spare cars must exist apart from Indy.

How about a Supercars race at the Indy road course.
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CP
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Posted - 08 Nov 2019 :  14:25:50  Show Profile  Visit CP's Homepage Send CP a Private Message  Reply with Quote Copy this URL to Link to this Reply
I enjoyed reading Robin Millers piece on it.

Racci, the guaranteed start thing is a double edged sword. On the one hand, you won't see a team like Sam Schmidt getting a driver bumped out, and on the other, you sadly won't see a team as well credentialed as McLaren getting bumped bout by a small, part time team like Juncos.
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oldtimer
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Posted - 08 Nov 2019 :  15:48:24  Show Profile Send oldtimer a Private Message  Reply with Quote Copy this URL to Link to this Reply
I don't like a guaranteed start for all listed cars.

Maybe one per team, but not both.

Look at the mess that Supercars got into with the guaranteed start REC system, which drove competitors out of the sport, or category.

Anyone with a rules legal car and driver should be able to compete for the starting grid.

If the current hotshot, highly sponsored driver misses out, then tough. He should have driven faster.

They could have an organisers choice wildcard, but look at the furore if one of the series owner's cars is chosen, and it's tough on the last place qualifier who would then miss out.
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Fast by Ferracci
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Posted - 11 Nov 2019 :  11:54:29  Show Profile Send Fast by Ferracci a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by CP


Racci, the guaranteed start thing is a double edged sword. On the one hand, you won't see a team like Sam Schmidt getting a driver bumped out, and on the other, you sadly won't see a team as well credentialed as McLaren getting bumped bout by a small, part time team like Juncos.



The Schmidt car getting bumped in my opinion shows why the system shouldn’t be messed with. It doesn’t matter who you are, if you’re not quick enough when it counts you don’t race, purely and simply.
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journeyman racer
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Posted - 11 Nov 2019 :  21:24:15  Show Profile Send journeyman racer a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by Fast by Ferracci


In my opinion Tony forming the IRL was the right move for the Speedway


Interesting to read this opinion.

No1 fan of James Courtney's ex-wife!
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