The Long Beach Grand Prix just got a new owner and TV slot, but executives Thursday affirmed that the race will enter its 50th anniversary in April with the same look and feel that has prevailed along these seaside streets for decades.
Billionaire Roger Penske’s Penske Entertainment announced earlier this morning it had purchased the race series from longtime owner auto racing magnate Gerald R. Forsythe.
In a Zoom call with reporters Thursday, Grand Prix Association President and CEO Jim Michaelian said the sale — finalized over the weekend — marks “a very momentous day in the history of our organization.”
“It’s a new era for us, a new dawn,” Michaelian said. “We’re excited. … This guarantees us that this event is going to continue to grow, as well as, obviously, the IndyCar Series, well into the future.”
The deal adds to a Penske portfolio that already includes Team Penske auto racing, the Indianapolis Motor Speedway and the IndyCar series, the last two of which he purchased in 2019.
“We’re incredibly proud to be the new stewards of this cherished and iconic event,” Penske said in a news release. “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.”
Earlier this year, Racer magazine reported that Forsythe consolidated full ownership of the Grand Prix by acquiring the 50-percent share owned by his late partner, Kevin Kalkhoven — a move that stamped out speculation that NASCAR or Formula 1 would try to take control of the event.
“If [any series] has its sights on Long Beach please tell them to look elsewhere. This [is] an IndyCar event, and it will be into the future,” he told Racer.
Forsythe then sold the package to Penske Entertainment, who will run the event at least through 2028, when their contract with the city of Long Beach expires. Michaelian said it’s too early to say when they will extend or redraw a new contract.
“We will obviously be going back to the city and talking about what opportunities there are for extending our agreement, but I think it’s a little premature to talk about that right now,” he said.
And against speculation of bringing NASCAR into the fold for a joint race, Michaelian reminded those that their contract with the city of Long Beach only allows for one, three-day race weekend annually.
“So right now, that defines what we’re going to be doing here in 2025, ’26, ’27 and ’28,” he added.
In its announcement of the purchase, Penske Entertainment said it “plans to invest in bolstering and enhancing the experience for race fans, sponsors and hospitality customers.”
But details remain scarce as to what that looks like and if that change will come in April, as the city prepares for its 50th iteration of the series.
More than 190,000 people are expected to descend upon Long Beach’s downtown over the three-day weekend, particularly for the 1.968-mile racecourse that encircles the Long Beach Convention Center.
For one, it will be aired and marketed on a new platform. FOX 11 Los Angeles will handle broadcasting and some promotions after the race previously aired on USA Network last year and NBC the year prior.
Officials said that the broadcast channel has already come to them with “new ideas” on marketing and promotion, but did not give too many details. Penske Entertainment CEO Mark Miles hinted during the call at “a series of announcements” they are putting together as “part of our rapid increase of our growth.”
When asked if there will be any changes come April spurred by this sale, Sports Commentator Dave Furst simply said, “We don’t need to be trying to make changes to a well-oiled machine.”
Editor’s note: This story was updated with more information on the sale and future plans.