Penske Entertainment acquires Grand Prix of Long Beach Association

The operator of the Grand Prix of Long Beach, one of the premier events in the NTT IndyCar Racing Series, has new leadership with Penske Entertainment acquiring it from Gerald R. Forsythe, the longtime owner of the racing event, it was announced today.

The next Grand Prix of Long Beach will be the 50th edition of the race weekend and is expected to include special events to mark the anniversary. The race will be broadcast on Fox on April 13.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske. “This is the most historic and prestigious street circuit race in North America, and we’re excited to work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term. This race and its loyal fans matter so much to everyone across the IndyCar community, and we’re looking forward to a very special 50th anniversary celebration this April, as well.”

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.

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 attracts nearly 200,000 fans to the 1.968-mile street course. The event in 2024 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 remarkable milestone, the 50th anniversary of this amazing event, it’s fitting that we have such exciting and important news to share about its future,” said Acura Grand Prix of Long Beach President & 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 deliver an exceptional race weekend for our fans moving forward. I also want to acknowledge the significant contribution that the 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 it plans to bolster and enhance the experience for racing fans, sponsors and supporters.

Forsythe and Kalkhoven acquired the Grand Prix of Long Beach Association in 2005 for a reported $15 million. Financial terms of the deal between Penske and Forsythe for the Grand Prix of Long Beach Association were not disclosed.

Penske once owned the 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. Both tracks have since been demolished.

Acquiring the Grand Prix of Long Beach gives Penske another signature event in his racing empire.

“This is a major race weekend, not just on our calendar but across the motorsport landscape,” Penske Entertainment President & CEO Mark Miles said. “We’re committed to preserving the core attributes that make it best in class while also working on some exciting and bold initiatives to make its future even bigger and brighter.”

The Grand Prix of Long Beach also provides an economic boost to the community and gives the city an opportunity to host an international event every year.

“The Grand Prix is an incredibly vital and vibrant asset for our community and an annual event that drives commerce, attracts tourism and elevates cultural connectivity across our city,” said Long Beach Mayor Rex Richardson. “Penske Entertainment will be a committed and energetic partner for the future that seeks to preserve and enhance this event’s rich history and strong legacy. We’re looking forward to a great working relationship that benefits everyone who calls Long Beach home.”

This news is breaking; watch for updates