Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.
He bought the race from Gerry Forsythe, who owned half the event with the late Kevin Kalkhoven. Forsythe bought Kalkhoven's shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America's longest-running street race.
Forsythe then turned around and sold the entire package to Penske Entertainment, a deal that ensures the Southern California race remains an IndyCar event at least through its contract with the city of Long Beach that runs through 2028.
Jim Michaelian, president and CEO of the Acura Grand Prix of Long Beach, told The Associated Press on Thursday the deal with the city only permits one three-day race weekend per calendar year in the port city.
This year marks the 50th running of the Grand Prix of Long Beach and it will return to network television with FOX set to broadcast the event April 13.
