In a landmark move, Penske Entertainment, the entity owned by racing mogul Roger Penske, has announced the sale of a one-third interest to Fox. This strategic partnership is set to revolutionize the IndyCar Series and the Indianapolis Motor Speedway, promising a new era of growth and innovation in motorsports.

A Vision for the Future

Roger Penske, a stalwart in the racing industry, expressed his enthusiasm about the partnership, stating, "This alliance is founded on mutual trust and a shared vision for the future. Fox recognizes the immense potential within our sport and is eager to contribute to our growth trajectory."

Enhanced Media Coverage

As part of the deal, Fox Sports has extended its media rights agreement with IndyCar, ensuring comprehensive coverage of all races. This season marks Fox's debut in broadcasting IndyCar, making it the exclusive broadcaster in the United States. The move has already paid dividends, with the Indianapolis 500 attracting an average of 7.01 million viewers—a 41% increase from last year and the highest in 17 years.

Strategic Benefits

The partnership is expected to bring several strategic advantages:

• Innovative Racing Events: Development of cutting-edge racing and entertainment events.
• Digital Strategy: Enhanced digital engagement and immersive content.
• Driver Promotion: Increased opportunities for star-building and driver promotion.

Leadership and Commitment

Eric Shanks, CEO & Executive Producer of FOX Sports, emphasized the significance of this investment, saying, "We are thrilled to join the IndyCar ownership group at such a pivotal time. IndyCar embodies the essence of live sports—passionate fans, iconic venues, and elite competition. We are committed to elevating the sport across all platforms."

Succession Planning

The sale also provides clarity on the succession plan for Roger Penske, who acquired IndyCar and the Speedway ahead of the 2020 season. While Penske has remained tight-lipped about his succession plans, his sons, Roger Jr. and Greg, are actively involved in the racing entities of Penske Entertainment.

A Diverse Empire

At 88, Roger Penske continues to oversee his vast business empire, which includes racing teams in NASCAR, IndyCar, and IMSA and WEC sports car racing, as well as his billion-dollar transportation empire at Penske Corp. Notably, Penske Automotive owns multiple car dealerships and is one of the largest BMW dealers in the United States. These assets, however, are not part of the Fox transaction.

This strategic investment by Fox is poised to propel IndyCar into a new era of growth and innovation, solidifying its position as a premier motorsport series.