November 4, 2019 / 3:17 PM / a month ago

RPT-Motor racing-Hulman & Co selling Indy Car Series to Penske Corp

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Nov 4 (Reuters) - Hulman & Company said on Monday it has agreed to sell the company and certain subsidiaries, including the Indianapolis Motor Speedway and NTT IndyCar Series to a subsidiary of Penske Corporation.

Executives from Hulman & Company, which has owned the famed track since 1945, where the crown jewel of American open wheel racing is held each Memorial Day weekend, will be joined by Penske Corp. Chairman Roger Penske for an 11am ET (1600 GMT) news conference to discuss the sale.

Financial terms of the deal were not disclosed.

Penske began racing in the late 1950s and won the Sports Car Club of America’s Presidents Cup in 1960, 1962 and 1963. He won Sports Illustrated’s Driver of the Year award in 1961.

After retiring from driving in 1965, Penske started his own race teams. Over the years he has built an automotive company with one of the most recognizable names in American motorsports and employs more than 50,000 people worldwide.

He is the most successful owner in the Indianapolis 500 race, with 18 victories, including this year when driver Simon Pagenaud won the race.

Last month, U.S. President Donald Trump awarded one of the nation’s highest civilian honors to Penske when he presented him with the Presidential Medal of Freedom. (Reporting by Frank Pingue in Toronto, editing by Pritha Sarkar)

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