Penske now owns both the iconic Indy 500 and the biggest street race in North America at Long Beach. (James Gilbert/Getty Images)

Roger Penske and his Penske Entertainment company have acquired the Long Beach Grand Prix, part of the US IndyCar motor racing Series.

The purchase of the California event comes five years after Penske had purchased the Indianapolis Motor Speedway, the iconic Indianapolis 500 race, and IndyCar itself.

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By acquiring the Grand Prix of Long Beach, Penske now owns both the largest single-day paid sporting event in the world with the Indy 500, and the biggest street race in North America at Long Beach.

Penske Entertainment confirmed the acquisition of the Grand Prix Association of Long Beach, LLC, from longtime owner Gerald R. Forsythe.

The purchase is expected to provide significant investment for the IndyCar Series race.

The 50th Grand Prix of Long Beach will be held on April 13, 2025.

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Roger Penske, chair of Penske Corporation, has now said: “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 work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term.

Michaelian, Acura Grand Prix of Long Beach president and CEO, added: “Roger and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward.”

Working alongside the Grand Prix of Long Beach team, Penske Entertainment plans to invest in bolstering and enhancing the experience for race fans, sponsors, and hospitality customers.

The three-day weekend regularly attracts crowds of over 190,000 people to its racecourse surrounding the Long Beach Convention & Entertainment Center.

The 2024 edition featured the largest attendance in the modern IndyCar era.