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The operator of the acura Long Beach Grand Prix one of the premier events of the NTT IndyCar Racing Series, has new leadership: Penske Entertainment acquired it from Gerald R. Forsythe, the racing event’s former owner, it was announced Thursday.
The next Grand Prix will be the 50th edition of the race weekend and is expected to include special events to commemorate the anniversary. The race will air on Fox on April 13.
“We are incredibly proud to be the new stewards of this treasured and iconic event,” said Roger Penske. “This is the most historic and prestigious street course race in North America and we are excited to work with Jim Michaelian and his great team in Long Beach to ensure continued long-term success and growth. “This race and its loyal fans are very important to everyone in the IndyCar community, and we also look forward to a very special 50th anniversary celebration in April.”
Penske owns a three-car team in the IndyCar Series with Josef Newgarden, Will Power and Scott McLaughlin as drivers. Penske teams have won 17 IndyCar Series championships and five NASCAR championships.
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Penske teams have won the Indianapolis 500 a record 20 times. Penske also owns the Indianapolis Motor Speedway.
The three-day event in Long Beach regularly draws nearly 200,000 fans to the 1,968-mile street circuit. The 2024 event included IMSA, GT America, Super Drift Challenge and Stadium Super Truck races. An international field of drivers and teams compete in the IndyCar Racing Series.
“As we prepare to celebrate a truly extraordinary milestone, the 50th anniversary of this incredible event, it is fitting that we have such exciting and important news to share about its future,” said Acura Grand Prix of Long Beach President and CEO , Jim Michaelian. “Roger and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to provide an exceptional weekend of racing for our fans in the future. “I also want to acknowledge the significant contribution that previous owners Jerry Forsythe and the late Kevin Kalkhoven made to the success of our event over the past 19 years.”
Penske Entertainment said in a prepared statement that it plans to strengthen and enhance the experience for racing fans, sponsors and followers.
Forsythe and Kalkhoven acquired the Grand Prix Association of Long Beach in 2005 for $15 million. Financial terms of the agreement between Penske and Forsythe for the Long Beach Association Grand Prix were not disclosed.
Penske once owned Ontario Motor Speedway in the 1970s and was instrumental in the construction and development of California Speedway in Fontana, which later became Auto Club Speedway and was built in 1994. Since then, both tracks have been demolished.
The acquisition of the Long Beach Grand Prix gives Penske another signature event in its racing empire.
“This is an important race weekend, not only on our calendar but across the entire motorsports landscape,” said Penske Entertainment President and CEO Mark Miles. “We are committed to preserving the core attributes that make it best in class and at the same time working on some exciting and bold initiatives to make its future even bigger and brighter.”
The Long Beach Grand Prix also provides an economic boost to the community and gives the city the opportunity to host an international event each year.
“The Grand Prix is an incredibly vital and vibrant asset to our community and an annual event that drives commerce, attracts tourism and elevates cultural connectivity throughout our city,” said Long Beach Mayor Rex Richardson. “Penske Entertainment will be a committed and energetic partner for the future as we seek to preserve and enhance the rich history and strong legacy of this event. “We look forward to a great working relationship that benefits everyone who calls Long Beach home.”
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