The Acura Grand Prix of Long Beach has been acquired by Penske Entertainment, officials announced Thursday, with representatives from both organizations describing the purchase as a way to further invest in the motorsports event.

Penske acquired the event, which is preparing to celebrate its 50th edition next year, from Gerald R. Forsythe. The 2025 event will take place from April 11-13, with the NTT IndyCar Series race to be broadcast on Fox.

“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Roger Penske said in a statement. “This is the most historic and prestigious street circuit race in North America, and we’re excited to work with Jim Michaelian and his great team in Long Beach to ensure continued success and growth over the long term. This race and its loyal fans matter so much to everyone across the IndyCar community, and we’re looking forward to a very special 50th anniversary celebration this April, as well.”

Penske owns a three-car team in the IndyCar Series, with Josef Newgarden, Will Power and Scott McLaughlin as drivers. Penske teams have won 17 IndyCar Series championships and five NASCAR championships.

Penske teams have won the Indianapolis 500 a record 20 times. Penske also owns the Indianapolis Motor Speedway.

The three-day event in Long Beach regularly attracts nearly 200,000 fans to the 1.968-mile street course. The event in 2024 included IMSA, GT America, Super Drift Challenge and Stadium Super Truck races. An international field of drivers and teams compete in the IndyCar Racing Series.

“As we prepare to celebrate a truly remarkable milestone, the 50th anniversary of this amazing event, it’s fitting that we have such exciting and important news to share about its future,” Jim Michaelian, the CEO and president of the Grand Prix Association of Long Beach, said in a statement. “Roger and the team at Penske Entertainment understand the special history and unique qualities that give us such a strong foundation and will be ideal partners as we continue to deliver an exceptional race weekend for our fans moving forward.”

Penske Entertainment said in a prepared statement it plans to bolster and enhance the experience for racing fans, sponsors and supporters.

Forsythe and late co-owner Kevin Kalkhoven acquired the Grand Prix Association of Long Beach in 2005 for a reported $15 million. Financial terms of the deal between Penske and Forsythe for the Grand Prix of Long Beach Association were not disclosed.

Penske once owned the Ontario Motor Speedway in the 1970s and was instrumental in building and developing California Speedway in Fontana, which later became Auto Club Speedway and was built in 1994. Both tracks have since been demolished.

Acquiring the Acura Grand Prix of Long Beach gives Penske another signature event in his racing empire.

“This is a major race weekend, not just on our calendar but across the motorsport landscape,” Penske Entertainment President and CEO Mark Miles said. “We’re committed to preserving the core attributes that make it best in class while also working on some exciting and bold initiatives to make its future even bigger and brighter.”

The Grand Prix of Long Beach also provides an economic boost to the community and gives the city an opportunity to host an international event every year.

“The Grand Prix is an incredibly vital and vibrant asset for our community and an annual event that drives commerce, attracts tourism and elevates cultural connectivity across our city,” Long Beach Mayor Rex Richardson said in a statement. “Penske Entertainment will be a committed and energetic partner for the future that seeks to preserve and enhance this event’s rich history and strong legacy. We’re looking forward to a great working relationship that benefits everyone who calls Long Beach home.”

Miles, during a Thursday morning press conference, further touted the legacy of the Long Beach street course.

“This event, in my mind, is synonymous with the IndyCar Series,” Miles said. “That history is one of those things that the Grand Prix has in common with what we do at the Indy 500, the Indianapolis Motor Speedway. Knowing that those two iconic events will be part of Penske Entertainment for the long haul, I think is really an important foundation for the future and the future growth of the series.”

Miles said he had been to the Grand Prix of Long Beach 13 times over the years, and is in awe of Michaelian’s tenure and leadership of the event.

“Our role right now is to appreciate (Michaelian’s) planning for celebrating the 50th anniversary,” Miles added. “We want to be here to assist with that in the short term; in the long term, to make investments and be great stewards of the future growth of the event.”

This new ownership will allow Penske Entertainment to be stewards for many years to come, Miles said, and to ensure the Grand Prix of Long Beach’s ongoing position and growth.

Both leaders emphasized that customer experience and taking care of fans is the top priority now for both organizations.

“What we’re looking at here is the amalgamation of two very successful organizations,” Michaelian said during the news conference. “We bring certain assets, they bring certain assets. We’d be foolish if we didn’t take advantage of the opportunity to integrate those together, and the end result would be even something more substantial than we currently have available to us.”

Michaelian also touted the experience of Grand Prix staffers, saying their tenure averages a little more than 22 years.

“Our people come; they stay. They enjoy what they do,” Michaelian said. “But more importantly, they enjoy satisfying the needs of our customers. That’s really critical to us in terms of making sure that this event has a longevity in terms of where we’re going into the future.”

The Grand Prix Association of Long Beach, Michaelian said, is not in a position to make any definitive announcements regarding investments. But as part of the initiative, he said, they plan to continue advancing the customer service experience.

“There’s no end to the opportunities that might arise in terms of certain developments that take place within the context of the race weekend or even in advance of that’s not racing activity,” he said. “So it doesn’t certainly preclude us from including some other activities.”

Tickets for the Grand Prix have been on sale for nearly a week and, Michaelian said, ticket sales are 13.5% to 14% ahead of where they were last year — and that was before this announcement came out.

“I have to believe that there is a certain high level of satisfaction with regard to the program we put together, but it’s constantly being reviewed,” Michaelian said, “because again, what we want to do is make sure that we listen to our customers in terms of how we align their interests with what we provided them week in and week out.”

The deal transpired in less than a year, Michaelian said in an interview.

The previous owner, Forsythe, bought the other half of the Grand Prix within the estate of his former partner, Kalkhoven, who died in 2022.

Forsythe bought that share earlier in the year, becoming the organization’s full owner. Around that time, Roger Penske and his group reached out to Forsythe and asked to have the opportunity to purchase either the half or the full amount of the ownership.

When Forsythe decided he wanted to sell, Michaelian said, he called Penske and the deal was put together.

“This is a new era for us, new dawn,” Michaelian said. “We’re excited. Looking into the future this guarantees us that this event is going to continue to grow as well as obviously the IndyCar Series well into the future, and we’re going to be able to accompany that as we go down the road.”