Penske Entertainment, the formidable entity overseeing Indianapolis Motor Speedway and the IndyCar series, has announced a landmark decision to sell a significant one-third interest in the company to Fox, signaling a transformative era for American motorsport.
This strategic alliance is poised to inject fresh momentum into the racing landscape, with Penske Entertainment anticipating a surge in innovative event concepts, a sharpened digital strategy, and an intensified focus on immersive content, all designed to elevate the profile of IndyCar drivers and the sport as a whole. This pivotal IndyCar partnership underscores a shared vision for growth within the racing industry.
Roger Penske himself articulated the profound significance of this partnership, emphasizing the deep-rooted trust and shared future vision between the two powerhouses. He highlighted Fox’s keen understanding of the sport’s immense potential and their commitment to actively fostering its growth trajectory, solidifying the Fox Sports investment.
This move by Fox Sports, spearheaded by CEO & Executive Producer Shanks, solidifies their burgeoning presence in motorsports. Shanks, a lifelong IndyCar enthusiast, successfully secured the exclusive broadcasting rights for all IndyCar races on Fox, pulling the series away from NBC Sports just ahead of the current season.
The decision to broadcast all IndyCar races exclusively on Fox has already yielded remarkable results, establishing IndyCar as the sole major racing series in the United States without any events airing on cable. This year’s Indianapolis 500, broadcast on Fox, garnered an impressive 7.01 million viewers, marking a substantial 41% increase over the previous year and achieving a 17-year viewership high, a testament to the motorsport business’s growing appeal.
Shanks expressed profound enthusiasm for joining the IndyCar ownership group, particularly at such a pivotal juncture for the sport. He underscored that IndyCar embodies the core values Fox cherishes in live sports: dedicated fans, iconic venues, elite competition, and a rich potential for year-round storytelling.
The partial Indianapolis Motor Speedway sale to Fox also sheds light on the long-term succession planning for Roger Penske, who acquired IndyCar and the legendary speedway prior to the 2020 season. While he has historically been reticent about his succession strategies, the inclusion of Fox at the leadership table, alongside his sons Roger Jr. and Greg, introduces a new dimension to the future stewardship of these generational assets for Penske Entertainment.
It is important to note that this significant transaction exclusively involves Penske Entertainment. Roger Penske’s broader business interests, including Penske Automotive, his extensive network of car dealerships (where he is a prominent BMW dealer), and his highly successful race teams, remain entirely separate from the Fox partnership.
