Billionaire Roger Penske’s Penske Entertainment announced earlier this morning it had purchased the race series from longtime owner auto racing magnate Gerald R. Forsythe.

Roger Penske, the billionaire owner of a vast transportation empire, has purchased the Grand Prix of Long Beach. The 87-year-old former race car driver purchased the famed competition, which will celebrate its 50 th anniversary in 2025.

Roger Penske, the legendary driver, team owner and now race-track executive, has bought the Long Beach Grand Prix, adding the race to a stable of open-wheel events that already includes the Indy 500.