‘New dawn’ for Long Beach motorsports as Penske acquires Grand Prix Association of Long Beach ahead of 50th anniversary
The automotive giant, which owns the NTT IndyCar Series, said it looks forward to working with the association’s team on the ‘historic’ Long Beach street race, which will be broadcast on Fox.
April marks the 50th anniversary of the Acura Grand Prix of Long Beach, a street race beloved by IndyCar drivers and fans alike. Ahead of the milestone, Penske Entertainment, a subsidiary of automotive giant Penske Corporation, announced today it acquired the Grand Prix Association of Long Beach, which puts on the high-speed spectacle.
“This is a new era for us, new dawn,” association President and CEO Jim Michaelian said during a news conference Thursday morning.
The association, founded in 1975, has been owned by Jerry Forsyth and the late Kevin Kalkhoven for the last 19 years. The pair made “significant contributions” in that time to build up the event over the past two decades, surviving a recession and global pandemic, Michaelian said.
“Roger [Penske] and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward,” Michaelian said.
The deal, which closed over the weekend, adds to Penske’s portfolio, which includes its own IndyCar team, the Indianapolis Motor Speedway, a video services and production company and the NTT IndyCar Series itself. The corporation also owns Penske Truck Rentals, Penske Leasing, Penske Logistics and Penske Vehicle Services.
No changes to the association or its operations are expected, according to spokesperson Chris Esslinger, who added that it is too early to know if staffing levels will grow or remain the same. Michaelian on Thursday said nothing can replace the “reservoir of experience” his long-time staff has accrued over decades.
The acquisition means the event will see an influx of cash to bolster and enhance the experience for fans, sponsors and customers, the organizations announced in a joint statement.
This year’s three-day event drew in over 190,000 people to Downtown Long Beach, according to the association — the largest attendance in the modern IndyCar era.
“This is a major race weekend, not just on our calendar but across the motorsport landscape,” Penske Entertainment President and CEO Mark Miles said in a statement. “We’re committed to preserving the core attributes that make it best in class while also working on some exciting and bold initiatives to make its future even bigger and brighter.”
During the news conference Thursday, Miles said he has attended the last 13 Long Beach races.
The Long Beach Grand Prix’s first event was a Formula 5000 race in 1975. From 1976 through 1983, the city played host to a Formula One race. But due to increased F1 fees in 1984, the event shifted to a CART/Champ Car race, which then became IndyCar in 2009.
The popular race weekend will run from April 11-13, with the 50th edition of the Grand Prix of Long Beach returning to network television on Fox Sunday, April 13.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Roger Penske said in a statement. “This is the most historic and prestigious street circuit race in North America, and we’re excited to work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term. This race and its loyal fans matter so much to everyone across the INDYCAR community, and we’re looking forward to a very special 50th anniversary celebration this April, as well.”
Tickets for the 50th anniversary race weekend are on sale now and can be purchased here.
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