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 cornerstone of American motor sport, hosting the longest-running street circuit race in North America.
As the event approaches its 50th anniversary, Penske's involvement signals a commitment to substantial investments aimed at improving the future of the race.
This acquisition is seen as a strategic move to further embed the NTT INDYCAR SERIES into Southern California's vibrant motorsports culture. Known for its enthusiastic fan base and deep-rooted automotive passion, this region will benefit greatly from the planned improvements and increased visibility. The planned investments are expected to enrich the overall experience, not only enhancing the event itself but also cementing its status as one of the highlights of the racing calendar.
The 2024 Grand Prix, celebrating half a century of history, is poised for an impressive celebration. Scheduled for April 13, the event will feature special programming and a return to network television, with FOX broadcasting the race live. This major media partnership is expected to increase viewership and raise 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 excitement: “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 to 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 major cultural and economic event in North America, regularly attracting more than 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, underlined the importance of the event: “The Grand Prix is an incredibly vital and vibrant asset to our community, stimulating trade, attracting tourism and enhancing cultural connectivity across our city”.
Additionally, 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.
Originally starting as a Formula 5000 race and then 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 broader audience , leveraging network exposure to increase fan engagement.
