Roger Penske owns the iconic Indianapolis Motor Speedway, its hallowed grounds, “The Greatest Spectacle in Racing,” the IndyCar Series and all its properties in a stunning deal announced Monday. By early next year, Penske Entertainment Corp. will take over all those entities owned by the Hulman family for 74 years in one of the biggest transactions in the history of motorsports.

The sprawling, 110-year-old speedway and its famed, 2 1/2 -mile oval track is one of the most famous venues in sports, and crowds for its showcase race every May, the first one dating to 1911, used to swell to more than 400,000 people. The speedway with its famous pagoda tower, Gasoline Alley garage area and massive grandstands was a dilapidated mess in 1945 when Tony Hulman bought it and brought racing back to the corner of 16th Street and Georgetown Avenue after a four-year absence following World War II.

The speedway itself spun off multiple subsidiaries, including the IndyCar Series and Indianapolis Motor Speedway Productions, which also are being acquired by Penske Entertainment, a subsidiary of Penske Corp.

The deal was done in roughly six weeks. 

Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month. He is the winningest car owner in Indy 500 history with 18 victories, including Simon Pagenaud’s win in May, as well as 15 IndyCar championships following Josef Newgarden’s title in September.

The deal should close in January. Penske said because both Penske Corp. and Hulman & Co. are private companies they are not legally required to disclose the transaction price.

Support from rival team owners was immediate. Chip Ganassi said Penske called him early Monday before the sale was announced to inform him, adding “the place is going to be run like a business now.”

Michael Andretti called it “positive news” for the speedway and the series while Bobby Rahal called Penske the “perfect custodian.”