Penske Entertainment has officially acquired the Grand Prix Association of Long Beach, marking a significant milestone for the IndyCar series. This organization, responsible for the Acura Grand Prix of Long Beach, has been a foundational element of American motorsport, hosting the longest-running street circuit race in North America.
As the event approaches its 50th anniversary, Penske’s involvement indicates a commitment to substantial investment aimed at enhancing the race’s future.
This acquisition is viewed as a strategic move to further embed the NTT INDYCAR SERIES within the vibrant motorsports culture of Southern California. Known for its enthusiastic fan base and deep-rooted automotive passion, this region stands to gain significantly from the anticipated improvements and heightened visibility. The planned investments are expected to enrich the overall experience, not only enhancing the event itself but also solidifying its status as a major highlight on the racing calendar.
The 2024 Grand Prix, which celebrates half a century of history, is set for an impressive celebration. Scheduled for April 13, the event will feature special programming and a return to network television, with FOX set to broadcast the race live. This important media partnership is expected to boost viewership and elevate the profile of both the race and the IndyCar brand as a whole.
Roger Penske expressed pride in the new role, stating, “We are incredibly proud to be the new stewards of this cherished and iconic event,” in a press release to Newsweek.
Jim Michaelian, President and CEO of the Acura Grand Prix of Long Beach, shared his enthusiasm: “As we prepare to celebrate a truly extraordinary milestone, the 50th anniversary of this event, it is fitting that we have such exciting and important news to share about its future.”
This acquisition aligns with Penske Entertainment’s ongoing efforts to redefine its racing series. Recently, the company introduced IndyCar’s first charter system, designed to provide stability for its teams and improve the overall field.
The Long Beach Grand Prix is not just a key event on the IndyCar schedule; it is also a significant cultural and economic fixture in North America, regularly drawing over 190,000 attendees. This influx of visitors contributes substantially to the local economy and has historically promoted community engagement. The city’s mayor, Rex Richardson, highlighted the event’s importance: “The Grand Prix is an incredibly vital and vibrant asset to our community, stimulating commerce, attracting tourism, and enhancing cultural connectivity across our city.”
Moreover, the Grand Prix Foundation of Long Beach has made a considerable impact over the years, contributing more than $4.2 million to various community charities.
Initially starting as a Formula 5000 race and transitioning to Formula 1, the event became a key part of the IndyCar series in 2008. With plans to broadcast all NTT INDYCAR SERIES races, Penske Entertainment aims to engage a wider audience, leveraging the network’s exposure to enhance fan involvement.
