Penske Entertainment has continued investing in motorsports by acquiring the Grand Prix Association of Long Beach, LLC.
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Penske Entertainment announced the news on Thursday morning and said that this purchase is "expected to provide significant investment" for the Acura Grand Prix of Long Beach. This prestigious event is the longest-running street circuit race in North America.
The 2025 iteration of the Acura Grand Prix of Long Beach, which airs on Fox as part of a major broadcast deal, will mark the event's 50th anniversary.
"We're incredibly proud to be the new stewards of this cherished and iconic event," Roger Penske said in a statement. "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."
According to the press release, the Acura Grand Prix of Long Beach has a significant positive and economic impact on Southern California. More than 190,000 people visit the area over three days to watch top IndyCar drivers compete on the 1.968-mile race course built around the Long Beach Convention & Entertainment Center.
The acquisition of the Grand Prix Association of Long Beach, LLC from owner Gerald R. Forsythe is only the latest major move made by Penske Entertainment, which manages IndyCar. The company also recently inked a deal with the Texas Rangers and Dallas Cowboys to create the IndyCar Grand Prix of Arlington.
Penske Entertainment led the establishment of IndyCar's first charter system, which functions similarly to the charter system used in NASCAR.
This system guarantees entry into every event on the schedule except for the prestigious Indianapolis 500. The charter system also ensures that the respective entries are eligible for the IndyCar Series Leaders Circle program, an awards program that compensates the top 22 finishers in the championship standings.
