Penske Entertainment acquires Grand Prix of Long Beach to strengthen portfolio

Penske Entertainment has completed the acquisition of the Grand Prix Association of Long Beach, LLC, which was previously owned by Gerald R. Forsythe. The organization oversees the prestigious Acura Grand Prix of Long Beach, recognized as the oldest street race in North America. With this purchase, Penske Entertainment aims to strengthen the significance of this event within the NTT INDYCAR SERIES, with plans for new investments designed to enhance the experience for fans and sponsors, while preserving its rich tradition in Southern California.

The upcoming edition will mark the 50th anniversary of the event, which will take place on April 13, with a live broadcast on FOX. Roger Penske, chairman of Penske Entertainment, expressed his enthusiasm for leading the Grand Prix's organization and working closely with the Long Beach team to ensure its future growth. Jim Michaelian, president of the event, emphasized the importance of this transition under Penske’s leadership, highlighting the continuity and legacy that the new management will bring to the motorsports scene.

Since its inception, the Long Beach street circuit has been a major international attraction, drawing over 190,000 people annually. Its impact extends beyond the sporting realm, bringing economic and social benefits to the community, in part due to donations from the Grand Prix Foundation of Long Beach, which has contributed more than $4.2 million to support various local causes.