On Thursday, Roger Penske expanded his racing empire by acquiring the Grand Prix of Long Beach, North America’s most esteemed street racing event.
Penske purchased the race from Gerry Forsythe, who previously owned half the event alongside the late Kevin Kalkhoven. Earlier this year, Forsythe secured full ownership by purchasing Kalkhoven’s shares amid speculation that both Formula 1 and NASCAR were eyeing the historic street race, which holds the title of North America’s longest-running event of its kind. After establishing full ownership, Forsythe chose to sell the Grand Prix to Penske Entertainment, which guarantees that the Long Beach race will remain part of the IndyCar circuit at least until the current agreement with the city, which extends through 2028.
According to Jim Michaelian, the president and CEO of the Acura Grand Prix of Long Beach, the contract with the city allows for only one three-day race weekend each year in Long Beach. This year is particularly significant, marking the 50th anniversary of the Grand Prix of Long Beach. The event will return to network television, with FOX set to cover the race on April 13.
Roger Penske expressed his enthusiasm for the acquisition, stating, “We’re incredibly proud to be the new stewards of this cherished and iconic event. This is the most historic and prestigious street circuit race in North America, and we’re excited to collaborate with Jim Michaelian and his excellent team in Long Beach to ensure its continued success and growth moving forward.” He emphasized the importance of the race and its devoted fanbase within the IndyCar community, looking forward to a memorable 50th anniversary celebration this April.
Michaelian noted that Penske Entertainment has a deep understanding of the rich history and distinct characteristics that form the foundation of the event, making them ideal partners in delivering an exceptional racing experience for fans in the future. The three-day weekend typically draws crowds exceeding 190,000 people to the 1.968-mile circuit that encircles the Long Beach Convention & Entertainment Center. Interestingly, this year’s race saw the highest attendance recorded in the modern IndyCar era.
In addition to owning IndyCar and the Indianapolis Motor Speedway, Penske Entertainment recently announced a collaborative venture in October 2025 with the Dallas Cowboys and Texas Rangers focused on the Grand Prix of Arlington.