Roger Penske, the legendary driver, team owner and now race-track executive, has bought the Long Beach Grand Prix, adding the race to a stable of open-wheel events that already includes the Indy 500.

Roger Penske and Penske Entertainment made big news Thursday morning, that it is the new owner of the Long Beach Grand Prix. This comes five years after another surprise announcement, that Penske had purchased the Indianapolis Motor Speedway,

Penske Entertainment has acquired the Grand Prix of Long Beach from Gerald R. Forsythe, the organization announced Thursday.

Penske said it expected “to provide significant investment” in the experience for Long Beach fans, sponsors and hospitality customers, but it did not provide details or an amount it intended to spend on the race.

The operator of the Grand Prix of Long, one of the premier events in the NTT IndyCar Racing Series, has new leadership with Penske Entertainment acquiring it from Gerald R. Forsythe, the longtime owner of the racing event,

The owner of the IndyCar Series and Indianapolis Motor Speedway adds the iconic, historic street race to its portfolio.