Penske will become just the fourth owner in IMS' 110-year history.
The IndyCar Series is on an upward trend with improved television ratings and increased interest.
The Captain's six most recent Indy 500 victories have all been earned by different drivers going back to 2003, with Gil de Ferran winning in 2003, Sam Hornish Jr. winning in 2006, three-time victor Helio Castroneves winning in 2009, two-time victor Juan Pablo Montoya winning in 2015, Will Power winning in 2018 and most recently Simon Pagenaud winning earlier this year.
Michael Andretti called it "positive news" for the speedway and the series while Bobby Rahal called Penske the "perfect custodian".
"My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father", the 82-year-old tycoon said. We all love it and we all care deeply. "His many successful business ventures underline the fact that he is the flawless custodian of one of the most historic venues in the world and is the ideal architect to build the foundation for the next 100-plus years of the sport". We would expect to take this for many, many years. "The news will provide a shot in the arm to both the sport of auto racing and specifically to the IndyCar Series". Penske teams remained in CART, and CART teams were not welcome at the 500. He said the family approached Penske after the last race of the season as to not distract from the season. CART was once the most popular form of motorsports in America, but NASCAR swallowed open wheel racing during the tumultuous times after Tony George created the Indy Racing League.
Penske bought Michigan International Speedway in 1973 and invested millions in the track - expanding from 25,000 seats to 125,000 before selling the track to International Speedway Corporation in 1999. "I couldn't be happier for all of us that are involved with the sport".
Tony George, the grandson of Tony Hulman, has long run the speedway and its properties along with his sister and a board of directors. The Hulman & Co. acquisition will add the IndyCar Grand Prix and the Indianapolis 500 to that portfolio. Clabber Girl produced name brand baking powder, baking soda and corn starch for 150 years. By early next year, Penske Entertainment Corp. will take over all those entities owned by the Hulman family for 74 years in one of the biggest transactions in the history of motorsports.
"If you think it is, I'm sure you folks will tell me pretty quick, I've got a lot of people watching me".
Penske is the two-time defending champion of the Indy 500 and in October was given the Presidential Medal of Freedom by President Trump, who honored his contributions to sport, business and philanthropy. McLaren is entering IndyCar next season and Brown was a longtime Indianapolis businessman who ran a racing marketing business.
Zak Brown, chief executive of McLaren Racing, said Penske's control of IndyCar was a boost for the sport.