Roger Penske sold a third of Indianapolis Motor Speedway and IndyCar to Fox company

• Penske Entertainment sold a third of the Fox company.
• The agreement aims to promote the development of IndyCar and new opportunities.
• Viewership of IndyCar races increased by 31% compared to last year.

Penske Entertainment, which belongs to Roger Penske, announced the sale of a third of its assets to Fox. This agreement has been termed a strategic investment partnership, which aims to foster new growth for IndyCar and includes a multi-year extension of the media rights contract for Fox Sports with the open racing series.

Penske Entertainment believes that the sale of part of the company will promote innovation in the field of racing and development, enhanced by digital strategies and a focus on interactive content, as well as improved opportunities for advancing and developing the visibility of IndyCar drivers.

Roger Penske noted that "this partnership is based on long-term trust and a shared vision for the future." Fox sees tremendous potential in the sport and wishes to actively participate in its development.

Eric Shanks, the CEO of Fox Sports, stated that they are keen to explore the possibility of integrating IndyCar owners during this critical period for the sport. All races are broadcast on Fox, making IndyCar the only series in the USA that does not air on cable television.

This year, the Indianapolis 500 on Fox gathered an average of 7.01 million viewers, which is 41% more than last year. This season, IndyCar demonstrates an average increase in viewership of 31% year-over-year.

This sale also provides some clarity regarding the future plans of Penske, who brought IndyCar and the Speedway to the forefront in the 2020 season. Penske, who is now 88 years old, continues to lead all of his business operations.

His racing teams, transportation business, and dealerships are not part of the agreement with Fox.

Tags: USA/Sport