Penske Entertainment, the entity owned by motorsports titan Roger Penske that holds Indianapolis Motor Speedway and the IndyCar Series among its assets, said Thursday it has sold one-third interest in the company to the Fox Corporation.
The sale was described as a strategic investment and partnership designed to launch new growth for the American open-wheel racing series, and it includes a multiyear contract extension for Fox Sports’ media rights deal with IndyCar. Fox Sports is in its first season televising the series’ races.
Penske Entertainment expects the sale of part of the company to spearhead innovative and industry-leading racing and entertainment events, heightened digital strategy and immersive content focus, as well as enhanced promotion and star-building opportunities for IndyCar drivers.
“This partnership is built on long-standing trust and a shared vision for the future,” Roger Penske, the 88-year-old Ohio native whose company also has teams in NASCAR and other racing series, said in a statement released Thursday. “Fox sees the incredible potential across our sport and wants to play an active role in building our growth trajectory.
“Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to IndyCar.”