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.

New Long Beach Grand Prix owner Roger Penske said he is proud to have acquired it, calling it "the most historic and prestigious street circuit race in North America,"