IndyCar and NASCAR teams owner Roger Penske bought Indianapolis Motor Speedway in 2020.
He recently sold one third interest in the track to FOX.
The 88 year old Penske spoke on the new venture via statement saying, “this partnership is built on long-standing trust and a shared vision for the future. Fox sees the incredible potential across our sport and wants to play an active role in building our growth trajectory.”
He added, “Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to IndyCar.”
The sale was described as, “a strategic investment and partnership designed to launch new growth for IndyCar. The sale also includes an extension of the sports media rights with Fox Sports.
Penske is looking to “enhance promotion” and build more opportunities for the IndyCar drivers.
Fox Sports is in the first year of an exclusive contract with IndyCar to broadcast all of the races – the only auto racing series to have all of its races on a non-cable network – and saw the highest viewership of the Indianapolis 500 in 17 years.
Indiana native, CEO and Executive Producer of Fox Sports Eric Shanks spoke on the new partnership saying, “we’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport. IndyCar represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential.”
He added, “this investment underscores our commitment to motorsports and our belief in IndyCar’s continued growth on and off the track. We’re excited to help elevate the sport to new heights across all platforms.”
Penske continues to oversee the day to day operations of Team Penske and Penske Corp.
feature photo courtesy of the Associated Press