The purchase of the IndyCar Series and Indianapolis Motor Speedway by the Penske Corporation is now official.

Penske Entertainment is now the owner of the open-wheeler series and the host of its flagship race, as well as IMS Productions, following the announcement last November.

“We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing,” said Roger Penske.

“We have been diligently working with the teams at IMS, IndyCar and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running.

“Now, it is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series.”

Mark Miles, who had been CEO of IndyCar parent Hulman & Co before Penske Entertainment acquired its operating assets, is set to remain in charge of those IndyCar and IMS properties.

Round 1 of the 2020 IndyCar Series takes place at St Petersburg on March 13-15 (local time).