"Dream come true": When billionaire Roger Penske got emotional after buying IndyCar in a full-circle moment

Roger Penske made the most meaningful business deal of his life in the fall of 2019. The billionaire acquired Hulman & Company, and with it, the Indianapolis Motor Speedway and the IndyCar series. For him, it was a full-circle moment since he fell in love with IndyCar racing at first sight - when he attended the 1951 Indy 500 as a 14-year-old.

After assuming ownership of the series and the Speedway in 2019, Penske spoke about the surreal deal. In an interview with NBC, when he was asked if that was the most 'meaningful' decision, the Penske Corporation founder said:

"There's no question about it. Just to dream about this opportunity when I came here so many years ago. You know, see the Foyts and the Andrettis and people who made their history here. It's just amazing. To me, how could you top this?

"These are the opportunities fortunately that I've been in a position to be able to accept, and obviously, invest in. This is one I never believed in would happen, and it's certainly a dream come true. So I'd put it at the very top of the list," Roger Penske added.

Over the last five years, IndyCar hasn't witnessed skyrocketing growth, but the signs are positive. The premier American open-wheel series has seen a shift in the demographics of viewers, with an increasing percentage of a younger crowd.

In 2025, the Indianapolis Motor Speedway had a record attendance at the Indy 500. The circuit was sold out for the first time since the 100th running of the race in 2016, with over 350,000 fans in attendance. With more such upticks across various success metrics, Penske saw fit to sell 33% of IndyCar and the IMS to the partner, FOX, creating this growth in 2025.

Roger Penske on "pretty easy" decision to sell 33% of IndyCar to FOX

Roger Penske at the NASCAR Cup Series Championship - Source: Getty

Roger Penske signed FOX as IndyCar's official broadcasting partner for 2025, to replace NBC, which served the series for over a decade. FOX promised to give the series unrivaled exposure and help it scale greater heights.

Compared to 2024, IndyCar has witnessed over 30% growth in average viewership after 14 of 17 races this season. The 109th Indy 500 got a record average viewership of 7.05 million, peaking at over eight million.

With FOX so heavily invested in wanting to resurrect IndyCar to its glory days, Roger Penske made the American media giant a partner in a shock move. On Thursday, FOX announced that it bought 33% of Penske Entertainment, the company that owns IndyCar and the IMS. This made FOX 33% owners of both those entities.

Roger Penske stated that it was a no-brainer decision for him, considering the life that FOX has induced in the series this year.

"It was a pretty easy question to say yes to," the Team Penske owner told WSJ when talking about giving FOX a third of Penske Entertainment.

As part of the deal, FOX also extended its media rights contract with IndyCar through 2026 and beyond. The one-of-a-kind deal was received well by most stakeholders of the sport.