Penske is buying IndyCar, Indianapolis Motor Speedway, etc

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  • KJQ6945

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    I think you would have a hard time coming up with someone better to take it all over.
     

    DoggyDaddy

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    I think you would have a hard time coming up with someone better to take it all over.

    I hadn't heard about this until a buddy of mine told me earlier this morning. While it's kind of sad in a nostalgic sort of way to see it pass from the Hulman family, my words were almost exactly the same as yours. Who better to take it over?
     

    Ingomike

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    My predictions: Penske did not buy it to own a trophy. Big changes are coming. It will be modernized to wring out cash, boost TV revenue and the series. Will likely overtake NASCAR in popularity and ratings.
     

    HoughMade

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    I imagine that there will be financing from several sources including financial institutions and investors.

    Interesting that Hulman went to him rather than Penske coming to them.
     

    indykid

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    While I believe Roger is great for auto racing, I find it a strange deal considering it was Roger who made Indy racing so expensive that many could no longer race, which led to the split and his forming CART to try to sink Indy Car. Their first race held in Michigan on the same day as The 500 was a disaster, and eventually both sides made up as Roger and his "big name drivers" realized that it was the Indy 500 that made them and not the other way around.

    It will be interesting to see what this brings to The Greatest Spectacle in Racing.

    And yes, Roger has a ton of money as well as many financial backers. Many years ago when GM wanted to file for bankruptcy, they needed to get rid of Allison Transmission in Speedway because Allison was making too much money. Roger was one of those who looked at buying the division but later backed out. I guess 25% net profit wasn't good enough. ;)
     

    Ingomike

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    While I believe Roger is great for auto racing, I find it a strange deal considering it was Roger who made Indy racing so expensive that many could no longer race, which led to the split and his forming CART to try to sink Indy Car. Their first race held in Michigan on the same day as The 500 was a disaster, and eventually both sides made up as Roger and his "big name drivers" realized that it was the Indy 500 that made them and not the other way around.

    It will be interesting to see what this brings to The Greatest Spectacle in Racing.

    And yes, Roger has a ton of money as well as many financial backers. Many years ago when GM wanted to file for bankruptcy, they needed to get rid of Allison Transmission in Speedway because Allison was making too much money. Roger was one of those who looked at buying the division but later backed out. I guess 25% net profit wasn't good enough. ;)

    He wanted to buy Saturn but the UAW would not let him...
     

    Sigblitz

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    Interesting that Hulman went to him rather than Penske coming to them.

    It's unclear who approached who.

    "We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” said Tony George.

    The sale is expected to close in early January, according to a document of message points sent to IndyCar teams on Monday.....The document states Penske Corp. approached the Hulman board in the fall about the purchase.
     

    HoughMade

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    It's unclear who approached who.

    I agree, it's unclear, but one is a quote and the other is a second-hand report about what a summary of the deal says, so I have a tendency to think the quote is more accurate until I hear something more definitive.
     

    Hatin Since 87

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    The disappointing part of Penske buying IMS is that it means NASCAR will continue to return to the track. It isn’t a track for stock cars, boring race overall.

    But, on the positive side, maybe this will give some traction to Indy car again. The 2 series (Nascar and Indy car) need to compete for fans, otherwise you get ridiculous rule packages like we are currently getting.
     
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