Penske sells one-third of IndyCar to Fox Sports to fuel growth

In a strategic move to enhance the growth of IndyCar and the Indianapolis Motor Speedway, Penske Entertainment, owned by Roger Penske, announced the sale of a one-third interest in the company to Fox Sports. The deal, made public on a Thursday, involves a multi-year extension of Fox Sports' media rights, solidifying their partnership as they begin their first season broadcasting IndyCar. This partnership aims to innovate racing events and improve promotional strategies for IndyCar drivers, according to both Penske and Fox executives. Roger Penske emphasized the importance of this collaboration, highlighting the mutual vision for the sport's future. He noted that Fox recognizes the potential in IndyCar racing. Eric Shanks of Fox Sports expressed enthusiasm about joining the ownership group at a pivotal time, underscoring their commitment to motorsports and belief in IndyCar’s growth trajectory. The strategic investment comes at a time when IndyCar is experiencing a significant increase in viewership, with the Indianapolis 500 drawing an average of 7.01 million viewers—a 41% increase from last year—setting a 17-year record. This season, overall viewership for IndyCar is up by 31%, indicating promising signs for the series, further reinforcing Fox's confident stance on enhancing IndyCar's profile across media platforms. Furthermore, the sale also addresses the succession concerns revolving around Roger Penske, who is 88 years old. Although he has not openly discussed the transition plan for his enterprises, he remains actively involved in the daily operations of various business areas, which include not just racetracks but also car dealerships and multiple racing teams. This sale to Fox Sports showcases the continuation of Penske's broader strategy to solidify the future of the Indianapolis Motor Speedway and IndyCar through well-thought-out partnerships and investments.