More often than not, the world of motorsport has been dominated by drivers. And why not? They are the gladiators that put their lives on the line for our entertainment. But the bustling business of going motor racing is a tactile art, and every so often we see people who change its landscape forever.
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Formula 1 fans remember Bernie Ecclestone with fond bitterness for his shrewd business designs. But across the pond, Americans have Roger Penske — a businessman with an undying love for this sport.
Penske’s racing career was relatively short-lived. But when he stepped back and into the fold of running this circus, he dominated it. With a net worth of around $3.6 billion, Penske has founded his own motor racing empire. And now, he’s stepped up to rival the likes of Formula 1 and NASCAR all on his own.
Earlier this week, reports confirmed that Penske Entertainment has bought the revered Long Beach Grand Prix. Celebrating its 50th anniversary, this event has been the crown jewel of IndyCar. And Penske has ensured that his latest move will prevent the likes of NASCAR or F1 from ever usurping that from them.
Penske Entertainment, ahead of 50th running of Grand Prix of Long Beach, has purchased event from Gerry Forsythe. Long Beach is both the most prestigious street race in North America as well as the longest-running. Penske buy stops F1 or NASCAR from making run at #IndyCar event
— Jenna Fryer (@JennaFryer) November 14, 2024
This deal was formalized and Gerry Forsythe has officially handed over the reins of the event to Penske. But as it all is, the devil is hidden in the details. According to Jenna Fryer, Penske’s deal for the event has a very important detail hidden in the fine print.
She wrote on X (formerly Twitter), “Jim Michaelian, president and CEO of Long Beach, tells me “Per our City contract Grand Prix can only run one 3-day race event per year.” So unless #NASCAR or #F1 wants to share the #IndyCar weekend, Penske just locked down Long Beach for his series.”
In simple words, this strategic masterclass has given Penske the bragging rights over the other premier racing series globally. For the foreseeable future, IndyCar (which is also owned by Roger Penske) will be the king of the Long Beach castle.
In other news, F1 has also recognized this imminent threat from across the pond. With the Monaco Grand Prix now signed to run at least till 2031, a scheduling change will see the crown jewel of F1 run in early June — finally ending its clashing schedule of late May with the Indy 500.
