Roger Penske adds Long Beach Grand Prix to his motorsports empire [Los Angeles Times (CA)]
Liberty Media Corporation - Series A Liberty Braves (BATRA)
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Source: Los Angeles Times
His drivers have won the Indy 500 a record 20 times, which may be one reason he decided to buy that track as well. On Thursday he expanded his empire by acquiring the Grand Prix of Long Beach , the longest-running major street race in North America and one of the largest and more important events on Southern California's sporting landscape. Financial terms of the deal between Penske and Gerald R. Forsythe, the long-time owner of the event, were not disclosed. Forsythe and partner Kevin Kalkhoven paid a reported $15 million for the event in 2005. Not that the cost mattered to Penske, who said he considers the Grand Prix priceless. “It's an iconic race,” he said. “When you think about markets and where we want to be sure that we have IndyCar long term, this is a place we want to invest in for sure.” The three-day event, which will celebrate its 50th anniversary in April, draws nearly 200,000 people to the streets of Long Beach, contributing an estimated $63 million to the region
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