Roger Penske and Penske Entertainment made big news Thursday morning, that it is the new owner of the Long Beach Grand Prix.
This comes five years after another surprise announcement, that Penske had purchased the Indianapolis Motor Speedway, the Indianapolis 500 and IndyCar.
By acquiring the Acura Grand Prix of Long Beach, Penske owns both the largest single-day paid sporting event in the world with the Indianapolis 500, and the biggest street race in North America at Long Beach.
The 50th Acura Grand Prix of Long Beach will be held on April 13, 2025.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske, the chairman of Penske Corporation. “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.”
Penske Entertainment confirmed the acquisition of the Grand Prix Association of Long Beach, LLC, from longtime owner Gerald R. Forsythe. The association administers the Acura Grand Prix of Long Beach, the longest-running major street circuit race in North America.
The purchase is expected to provide significant investment for the marquee NTT IndyCar Series race, to further enhance this can’t-miss celebration of speed and Southern California motorsport culture for years to come.
“As we prepare to celebrate a truly remarkable milestone, the 50th anniversary of this amazing event, it’s fitting that we have such exciting and important news to share about its future,” said Acura Grand Prix of Long Beach President and CEO Jim Michaelian. “Roger and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward.”
Working alongside the Acura Grand Prix of Long Beach team, Penske Entertainment plans to invest in bolstering and enhancing the experience for race fans, sponsors and hospitality customers.
“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.”
The three-day weekend regularly attracts crowds of over 190,000 people to its 1.968-mile race course surrounding the Long Beach Convention & Entertainment Center. The 2024 edition featured a supercharged atmosphere, which included the largest attendance in the modern IndyCar era.
The event brings global attention and positive economic impact to its home city, while also maintaining a charitable organization – the Grand Prix Foundation of Long Beach – which has donated more than $4.2 million to those in need within the Long Beach community.
The news marks the continuation of an ambitious and productive period for Penske Entertainment, which owns and manages IndyCar and the NTT IndyCar Series. In September, the organization announced the establishment of the first charter system in IndyCar’s history, providing NTT IndyCar Series owners meaningful and enhanced value across their entries.
In October, Penske Entertainment unveiled the IndyCar Grand Prix of Arlington, powered through a first-of-its-kind joint venture with the Dallas Cowboys and Texas Rangers.
Penske told NBCSports.com near the end of the 2024 NTT IndyCar Series season in September that he had some big and exciting things in store for the series that he was working on.
In the past month, those “big and exciting things” have come to fruition, including one of racing’s landmark events on the streets of Long Beach.
“Well, I think it’s a red letter day,” Miles said. “It’s very important to the sustaining of this iconic event. I’ve been there 13 times in 13 years, and I am so much junior to Jim Michaelian that I’m in awe of his tenure and leadership.
“The event is in great shape. It works as a business. It works as a sporting event. We think with the Indianapolis Motor Speedway and Indy 500, they are the iconic events really on the IndyCar Series calendar.
“This allows us to be stewards for many, many years to come, ensuring its ongoing position and growth. It’s part, maybe we can talk about it later, of a series of announcements that we’re working on that I think are going to be part of our rapid increase in our growth.
“So we couldn’t be more pleased and looking forward to working with Jim.”
It also preserves the Acura Grand Prix of Long Beach will remain one of IndyCar’s crown jewel events as other racing series, including Formula One and NASCAR have tried to take over the event.
“Go back and remember that when Jerry Forsyth bought Kevin’s [Kalkhoven] share, the half share, he made it very clear that one of the reasons he was purchasing that and not letting it go out for public sale was he wanted to emphasize the fact that this was going to be an IndyCar race,” Michaelian emphasized. “If you remember that, that quote was in the release at the time, and that was his intent.
“From then on, quite frankly, that’s been the direction that we have been looking at as a company going forward.
“So, yeah, there have been rumors, which is natural for a situation like this, but there never has been a concrete proposal to run either another event here or one in conjunction with this event into the future. Now, obviously with the Penske Entertainment buying this event, that solidifies it for sure.”
But, could NASCAR be added to the event in future years, making it a NASCAR/IndyCar Doubleheader Weekend, similar to the Indianapolis Motor Speedway from 2020 to 2023?
“I don’t want to get into any speculation about that, but let me make something very clear,” Michaelian said emphatically. “As it currently stands, our agreement with the city, which, by the way, runs through 2028, limits us, the Grand Prix Association of Long Beach, to running one three-day race weekend a year, period. That’s it.
“There are no extensions. There are no additional days. There is nothing else incorporated in that agreement. So right now that defines what we’re going to be doing here in ’25, ’26, ’27, and ’28.”
Before 2028, the Grand Prix Association of Long Beach will enter into negotiations for an extension with the city of Long Beach. If history is any indication, a continued arrangement would seem likely.
“This event in my mind is synonymous with the IndyCar Series — ‘this event’ being the Acura Grand Prix of Long Beach,” Miles said. “That history is one of those things that the Grand Prix has in common with what we do at the Indy 500, the Indianapolis Motor Speedway. So knowing that those two iconic events will be part of Penske Entertainment for the long haul I think is really, really an important foundation for the future and the future growth of the series.
“Again, Roger doesn’t acquire an enterprise I think unless he has a lot of confidence in its future. That starts with the team that’s there running it today. Jim and his team have proven themselves over all these years.
“Our role right now is to appreciate Jim’s planning for celebrating the 50th anniversary, which is huge. What a great opportunity. I think, Jim, you may agree, it’s kind of like celebrating the 100th running of the Indy 500. That was a big deal for us and a chance to propel to a whole other level that I know you’ll follow the same approach for the Grand Prix.
“We want to be here to assist with that in the short term and the long term to make investments and be great stewards of the future growth of the event.”
