Penske sells a major stake in IndyCar to Fox Sports

In a significant development for the world of motorsports, Penske Entertainment, the entity owned by Roger Penske, sold a one-third stake in the company to Fox. The announcement was made on Thursday, July 31, 2025, and represents a strategic partnership aimed at promoting the growth of IndyCar and enhancing its media presence. The sale includes a multi-year extension of Fox Sports' media rights agreement with IndyCar, which is currently in its first season of broadcasting the racing series. This move is expected to stimulate innovative racing events and broaden the digital strategy surrounding the sport. It reflects the commitment of Fox Sports to elevate the visibility and appeal of IndyCar racing, especially with the new ownership convenience that comes with the deal. The transaction underscores the potential for IndyCar's growth within the competitive motorsport landscape, backed by the resources and ambition of Fox Sports. Notably, Eric Shanks, the CEO and Executive Producer at Fox Sports, has personal ties to Indiana and a deep appreciation for IndyCar racing. His enthusiasm and vision for expanding IndyCar's footprint in the media is a driving force behind this partnership. The deal marks an important shift as IndyCar aligns with a major broadcasting network, providing an opportunity for broader reach and increased viewership. The Indianapolis 500, historically the crown jewel of the IndyCar series, has already seen a substantial surge in viewership with an average of 7.01 million viewers during its latest broadcast, representing a 41% increase from the previous year. This reflects not only the effectiveness of the new media partnership but also the growing interest in IndyCar racing nationally. The 31% year-over-year increase in viewership for the current season further illustrates a positive trend for the series as it seeks to engage a new generation of racing fans. The deal signifies Fox's aspirations toward promoting motorsports and its business strategy of investing in television rights agreements for the future development of racing leagues. Penske's decision to sell part of the organization also raises questions regarding the company's succession plans, given his established tenure in leadership at 88 years old. While he has historically avoided discussing his succession plans, involvement from his sons, Roger Jr. and Greg, hints at a potential transition strategy within the family. The sale's outcome could help facilitate a smoother transition for the Penske entities as they navigate their future paths with new stakeholders. As mentioned by Roger Penske, the partnership with Fox, built on a foundation of trust and a unified vision, is aimed at reshaping the landscape of IndyCar and solidifying its competitive edge in the market across all platforms.