Penske Entertainment has acquired the Grand Prix of Long Beach from Gerald R. Forsythe, the organization announced Thursday.
It is the longest-running major street circuit race in North America, according to IndyCar, with its 50th edition on April 13 and IndyCar will "further enhance this can't-miss celebration of speed and Southern California motorsport culture for years to come," according to the news release.
The three-day race weekend regularly attracts more than 190,000 fans to the 1.968-mile course surrounding the Long Beach Convention & Entertainment Center, the news release said. The 2024 race had the largest crowd in the modern IndyCar era. The Grand Prix Foundation of Long Beach has donated more than $4.2 million to charity, according to the release.
"We see it as very important. This event is synonymous with IndyCar racing," IndyCar CEO Mark Miles said during a news conference. "Roger (Penske) doesn't acquire an enterprise unless he's confident in its future."
Long Beach Grand Prix CEO Jim Michaelian said public ticket sale interest for the anniversary race is up more than 13% from 2024, and that was before Thursday's announcement.
Miles said IndyCar will not "be in the way" for 2025 Long Beach preparations: "We don't need to be making changes to a well-oiled machine."
He added that "we're going to break out of our own mold" in self-promoting events in future years.
Michaelian said the event has a one-weekend per year agreement with the city through 2028, and there have not been any substantive proposals for NASCAR or Formula One to race there.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Penske said in the news release. “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.”
Michaelian added: "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. … I also want to acknowledge the significant contribution that the previous owners, Jerry Forsythe and Kevin Kalkhoven made to the success of our event over the past 19 years."
This article originally appeared on Indianapolis Star: IndyCar: Penske Entertainment acquires Grand Prix of Long Beach
