Roger Penske has completed the purchase of the NTT IndyCar Series, Indianapolis Motor Speedway, and IMS Productions through a subsidiary of Penske Corporation.

The deal sees Penske take over from Hulman & Company, which had been at the helm of the American open wheeler series.

As part of the deal, a statement confirmed that “Penske Entertainment Corp., a subsidiary of Penske Corporation, will acquire all Hulman & Company principal operating assets, including the Indianapolis Motor Speedway, the NTT IndyCar Series and IMS Productions.”

The billionaire businessman has deep roots in motorsport that can be traced back to the 1960s, first as a competitor before becoming a team owner.

That is complemented by a vast business empire, underpinned by a global trucking business founded in the late 1960s.

“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” Penske said.

“We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing.

“I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honour for Penske Corporation to help lead these great institutions forward into a new era.”

Chairman of Hulman & Company, Tony George, added: “We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place.

“The Indianapolis Motor Speedway has been the centrepiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years.

“Now, we are honoured to pass the torch to Roger Penske and Penske Corporation, as they become just the fourth owner of the iconic Speedway.

“There is no one more capable and qualified than Roger and his organisation to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future.”

Penske has won the Indianapolis 500 on 18 different occasions, including the last two editions with Simon Pagenaud and Will Power, the first Australian to win the race.

His team has also won 16 IndyCar titles with luminaries such as Rick Mears, Al Unser, Gil de Ferran, and Power.