Roger Penske has just added another notch in his auto racing belt. The billionaire purchased the Long Beach Grand Prix. The purchase also makes the Grand Prix an important part of another racing series Penske owns, Indycar.
The Los Angeles Times reports that Penske purchased the race from long time owner Gerald R. Forsythe, who purchased it for $15 million in 2005. The purchase is important to both Penske and Southern California for a few reasons.
Penske seems to want to use the race as a part of a push to have IndyCar compete with NASCAR and its racing model, especially given IndyCar’s expansion starting in 2025.
…Penske is more interested in what the Grand Prix does for racing, particularly IndyCar. The series will stage 17 events next year, six on oval speedways, seven on road courses and four on the streets, making it the most eclectic racing series in the U.S.
“I’m a business guy and I think the diversity makes a huge difference,” Penske said. “We’ve been looking at, from a management perspective, to try to make our series better.”
The Long Beach Grand Prix is already the second longest IndyCar race on the series schedule, and starting in 2025, the race will reach more viewers. IndyCar is moving from NBC to locally based Fox, which the Times says the network will be paying $25 million a year for the rights. Fox also plans to broadcast the racing series through traditional means (no subscription required) and in Spanish.
Long Beach is also important for Southern California’s racing scene as a whole. For the city of Long Beach itself, it’s a big financial draw; over 200,000 people show up for the race bringing in “an estimated $63 million to the region’s economy annually.” It’s also the only major racing series left in Southern California; the Auto Club Speedway in Fontana has been destroyed in favor of warehouses, a fate that’s also rumored for the Irwindale Speedway.
Penske says he plans to improve the grand prix reiterating that this isn’t just some impulse buy; he loves the track and the way people and the city of Long Beach have supported it.
“One of the nice things about the race in Long Beach, it’s been there, and the city and the people have supported it,” Penske said. “So look, we’re wide open and we’re in for business. This is not a hang on or something. We want to try to roll over and make it better.
“What we want to do is add to the guest experience and make it a place so we can take our sponsors. Quite honestly, it’s a great spot to entertain in.”