Indianapolis, IN—
Update:
According to a press release, “The Board of Directors of Hulman & 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.”
Tony George, Chairman of Hulman & Company, Mark Miles, President and CEO of Hulman & Company and Roger Penske, Chairman and Founder of Penske Corporation formally announced the sale during an 11 a.m. news conference. He said the family approached Penske after the last race of the season as to not distract from the season.
Miles added that the Hulman family will still be involved. Tony George said that he personally looks forward to that opportunity to remain involved.
Penske did not elaborate on changes he might have in mind, but said he will continue to work to expand IMS as a hub for entertainment and economic impact for the area. He said they will sit down with the team owners to discuss other ways to improve the sport.
The hope is to have the sale completed by the end of the year. Penske said there will not be a conflict of interest and there will be a clear, bright line that separates his race teams from the entertainment ownership.
Original Story: 10:00a 11.04.19
The Board of Directors of Hulman & Company have announced 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. A press conference will be held at 11 am to discuss the announcement.
