"He spent about $100 million when he didn't have that money": IndyCar CEO hails Roger Penske's silent efforts

Mark Miles, the CEO of Penske Entertainment, which owns IndyCar and the Indianapolis Motor Speedway, has hailed owner Roger Penske's tireless work to improve the series and the fabled 2.5-mile circuit. Penske acquired IndyCar and the Speedway in November 2019 from the Hulman family, which had owned it for 74 years.

However, the American businessman hit a huge hurdle in his first year of ownership after COVID hit in 2020. There was no income from the ticket sales, and the hardest hit was taken for the Indy 500, which can host over 350,000 fans. Moreover, due to the Indy 500's ticket policy, wherein existing ticket holders have a 500-hour window from the falling of the chequered flag to renew their seats for the next running of the race, over 160,000 fans had already renewed their seats.

But because it happened before Roger Penske bought the series, the Hulman family had the right to the money as part of the deal. And because COVID hit, Penske issued credits to those 160,000-odd fans to attend the 2021 Indy 500, meaning more lost business opportunity.

Mark Miles explained their plight in a recent appearance on the Cars and Culture podcast with Jason Stein, saying:

"So 160,000-plus seats had been sold before Roger bought the company, and the cash was their and went. (We thought) We'll get ours in the next year, except Covid happens. So, zero cash coming in from that source. He had to issue credits for all 160,000 tickets. So the next year, in 2021, he wasn't getting any cash for that to speak of."

Miles explained how Roger Penske inspired change in IndyCar and invested about $100 million to improve the IMS, even when revenue had dropped.

"That was when I think we in the entire paddock and all the people who love IndyCar racing and the Indy 500 realized that thank god he bought the place because it would have been very, very challenging for us. But more importantly, he didn't sit around and worry about it. He came to Indy almost every weekend during the Covid years, and we'd sit and walk and drive and see what's next."

"He spent about $100 million when he didn't have that money and he didn't have the money coming in. Place was essentially shut down. Another $100 million on top of buying it because he saw there's an opportunity to do all kinds of work," Miles added.

The 2025 Indy 500 was a sold-out event for the first time since the 100th running of the race in 2016, with over 350,000 fans in attendance.

Roger Penske expects FOX to elevate IndyCar's game after selling his 33% stake to the media giant

109th Running of The Indianapolis 500 - Source: Getty

In July, Roger Penske sold a third of Penske Entertainment to IndyCar's media partner FOX, handing it part-ownership of both the series and the IMS. FOX exceeded expectations in its first year as IndyCar's exclusive broadcast partner. Average viewership rose 27%, with the series attracting younger demographics and more women.

Though Roger Penske wasn't looking for any investments or to sell his stake, when FOX offered, it felt too good to turn down because of their terrific partnership in 2025.

"This partnership is built on long-standing trust and a shared vision for the future," Penske said via the Wall Street Journal. "FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. Lachlan Murdoch and his team, starting with Eric Shanks (FOX CEO), are committed to our success and will bring incredible energy and innovation to IndyCar."

While Roger Penske had great success on the series ownership front, his team, Team Penske, struggled severely in 2025 and was also the center of controversy at the 109th Indy 500.