Roger Penske's company finalized its purchase of the historic Indianapolis Motor Speedway and the IndyCar Series on Monday.
The purchase agreement had been announced in November. It also includes IMS Productions.
"We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing," Penske said in a statement issued Monday.
"We have been diligently working with the teams at IMS, INDYCAR and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running. Now, it is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series."
Now 82, Penske raced cars in the late 1950s and early 1960s but is best known as a team owner. He is the winningest team owner in Indy 500 history with 18 wins, including Simon Pagenaud's victory in May.
The Penske Corp. becomes the fourth owner of Indianapolis Motor Speedway, which has hosted the Indy 500 for more than 100 years. It bought the property from Hulman & Co., which acquired the property in 1945.
Penske and Hulman, both privately held companies, did not disclose the terms of the sale.
At the time the sale was announced in November, Penske said he planned to invest in the Indy series.
"It's a great business opportunity to grow it to the next level," Penske said, per the Indianapolis Star. "We look at the 1,000 acres and ask, 'Can it be not only the racing capital of the world but the entertainment capital of the world?' ... We're going to invest capital. We know the economic benefit that this race brings to (the) region is amazing and we want to grow that."
--Field Level Media