Penske-Fox Deal May Address Succession Issues At Indianapolis 500
The announcement deepens the business ties between Roger Penske, 88, and Rupert Murdoch, 94, the overseer of the Fox empire. The transaction may address looming succession issues at one of the most storied racing revenues in the United States.
Fox Sports this year began televising Penske's IndyCar series, including the Indianapolis 500. Terms of the new deal were not disclosed.
Penske Entertainment said the deal included 'a multiyear extension' of Fox Sports' media rights with IndyCar.
'This partnership is built on long-standing trust and a shared vision for the future,' Roger Penske said in a statement. Fox 'sees the incredible potential across our sport and wants to play an active role in building our growth trajectory,' he said.
The deal comes at a critical time for the Indianapolis speedway and the IndyCar series.
Roger Penske agreed in 2019 to acquire the speedway and the IndyCar series from the Hulman-George family, which bought the speedway in 1945. That transaction became final in early 2020.
IndyCar and Championship Auto Racing Teams battled for supremacy of U.S. open-wheel racing in the 1990s and 2000s. Eventually, the Hulman-George family won the fight.
During that era, the European-based Formula One series raced at the Indianapolis speedway, beginning in 2000. After several years, F1 moved on from Indy but later came back to the U.S. in a bigger way. F1 now has three U.S. races.
IndyCar, meanwhile, has struggled to demonstrate it's more than the Indianapolis 500, held annually during Memorial Day weekend.
In its first year on Fox, the 500 averaged 7.01 million viewers in 2025, its best showing since 2008. That was better than the almost 6.8 million viewers for the Daytona 500 in February, NASCAR's biggest race, also televised by Fox.
But things weren't all joy in Penske land.
Two cars owned by Penske, were forced to start from the back of this year's Indy 500 because of a cheating scandal.
Penske has used racing to promote his transportation businesses. He's won a lot a lot at the Indianapolis 500 races as a team owner (20, actually). He has also been a winner in NASCAR.
Still, given Penske's age, there the question of succession at Indy, both the speedway and the race series. The speedway is close to downtown Indianapolis and comprises valuable real estate.
The question is whether the new deal with Fox begins to answer those succession questions.
'We're thrilled to join the IndyCar ownership group at such a pivotal time for the sport,' Eric Shanks, CEO and executive producer of Fox Sports, said in the statement. 'IndyCar represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential.'
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