Penske Entertainment announced Thursday that it has acquired the Grand Prix Association of Long Beach from Gerald Forsythe.
The purchase brings the iconic Grand Prix of Long Beach IndyCar and IMSA street race under Roger Penske’s large portfolio.
There is expected to be a significant monetary investment in the event under the new ownership that will give a boost to the area just in time for the event’s 50th running this upcoming Spring.
“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.”
The move brings further assets under Penske’s umbrella, and another event that can effectively be promoted by the IndyCar Series directly.
A few of IndyCar’s races throughout the season are directly promoted by the series, and having one of the marquee events added to that list will allow more cohesive messaging going forward.
The 87-year-old purchased America’s top open wheel series and the Indianapolis Motor Speedway in late 2019, expanding from a successful team owner to a more prominent role.
The recently-announced Grand Prix of Arlington, which will race around the Dallas Cowboys and Texas Rangers stadiums starting in 2026, will also be managed and promoted by Penske Entertainment.
As with the Arlington announcement, a video with high production value was released to help promote the news that Long Beach would have a more direct relationship with IndyCar.
“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.”
