Track Rumor: Roger Penske to Buy Long Beach GP – Fact! (2nd Update)

This rumor is upgraded to ‘fact’ today. Penske Entertainment announced today the newest member of its growing event portfolio, confirming 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.

This upcoming year marks the 50th edition of the Grand Prix of Long Beach, with special programming planned to mark the occasion. The race will return to network television, with FOX set to broadcast the event Sunday, April 13.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” said Roger Penske. “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.”

“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 & 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. I also want to acknowledge the significant contribution that the previous owners, Jerry Forsythe and the late Kevin Kalkhoven, made to the success of our event over the past 19 years.”

As an acclaimed and highly attended annual event located in the nation’s entertainment capital, the Acura Grand Prix of Long Beach is a premier race weekend for the NTT INDYCAR SERIES. 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 racecourse 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 Grand Prix is an incredibly vital and vibrant asset for our community and an annual event that drives commerce, attracts tourism and elevates cultural connectivity across our city,” said Long Beach Mayor Rex Richardson. “Penske Entertainment will be a committed and energetic partner for the future that seeks to preserve and enhance this event’s rich history and strong legacy. We’re looking forward to a great working relationship that benefits everyone who calls Long Beach home.”

As part of today’s announcement, Penske Entertainment and the Acura Grand Prix of Long Beach released a special video, narrated by former Indy 500 Honorary Starter and acclaimed actor Milo Ventimiglia. You can watch here.

Today’s 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.

The NTT INDYCAR SERIES is North America’s premier open-wheel racing series, featuring an international field of the world’s most versatile drivers who compete on superspeedways, short ovals, street circuits and permanent road courses across the United States and Canada. Beginning in 2025, FOX Sports will be the exclusive home of all INDYCAR action, providing a network broadcast via FOX of all 17 NTT INDYCAR SERIES races. The NTT INDYCAR SERIES is the only premier motorsport series in the U.S. to broadcast every race on network television.

Penske Entertainment could make another run at trying to acquire a stake in the Acura Grand Prix of Long Beach, according to Sports Business Journal sources, including possibly buying the event outright.

The owner of IndyCar and Indianapolis Motor Speedway, Penske Entertainment made a bid to acquire a 50% stake in the race earlier this year at the same time as NASCAR was trying to buy it, according to a report at the time from Racer magazine.

However, Racer later reported that former race team owner Gerald Forsythe, who already owned the other stake in the event, purchased the remaining equity available from the estate of the late Kevin Kalkhoven.

In March, Forsythe told Racer: “If (any series) has its sights on Long Beach please tell them to look elsewhere. This (is) an IndyCar event, and it will be into the future.”

While Forsythe is committed to keeping the grand prix an IndyCar-centered event, sources say Penske appears to have re-engaged with event ownership on a new proposed deal.

The exact proposed terms were unknown, but it’s possible Penske could try to buy the event fully and run it moving forward, the sources said.

–by Mark Cipolloni–

The estate of Kevin Kalkhoven has decided to sell their 50% share of the GP of Long Beach since his death last year. Kevin Kalkhoven’s business partner, Gerald Forsythe, still owns the other 50%.

We have to imagine it is worth a lot of money.

Potential buyers we would imagine:

1. Roger Penske/Penske Enterprises to ensure it remains an IndyCar race
2. The France Family who would love to convert it to a NASCAR Cup and IMSA weekend
3. Liberty Media/Greg Maffei who would likely be genuinely interested in that 4th USGP Formula 1 race.  They entertained a bid from NY City but rejected it.  Long Beach used to be an F1 race and the seaside setting would be right up their alley – the Monaco of the West.
4. Stephen Ross who is in partners with Liberty Media for the Miami GP
5. Dan Towriss – Who is in partners with the Andretti’s in IndyCar and soon F1 and has a real interest in motorsports
6. Mark Walter – Owner of the LA Dodgers and other big sports entities and who is also partners with the Andretti’s effort to have an F1 team
7. Andretti Acquisitions (WNNR) – a special purpose acquisition company, focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Stay tuned to these pages as this should get interesting.