Roger Penske has expanded his racing empire by acquiring the prestigious Grand Prix of Long Beach, the most renowned street race in North America. The race was purchased from Gerry Forsythe, who previously co-owned it with the late Kevin Kalkhoven. Forsythe recently bought out Kalkhoven's shares amidst rumors of Formula 1 and NASCAR showing interest in the event.
Penske Entertainment finalized the deal with Forsythe, ensuring that the Grand Prix of Long Beach will remain an IndyCar event until at least 2028, in accordance with the city of Long Beach's contract. The city's agreement allows for only one three-day race weekend per calendar year.
