Roger Penske has added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.

The auto racing icon once owned Ontario Motor Speedway and was instrumental in developing California Speedway in Fontana.

New Long Beach Grand Prix owner Roger Penske said he is proud to have acquired it, calling it "the most historic and prestigious street circuit race in North America,"

In a press release Thursday morning, Penske Entertainment announced that it has acquired the Grand Prix Association of Long Beach, which is the organizing body of the Grand Prix of Long Beach and all events associated with it.

Penske Entertainment has acquired the Grand Prix of Long Beach from Gerald R. Forsythe, the organization announced Thursday. It is the longest-running major street circuit race in North America, according to IndyCar,

Roger Penske, 87, keeps on the accelerator by acquiring the Long Beach street race to go with his IndyCar holdings.

Roger Penske added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.

Roger Penske and Penske Entertainment made big news Thursday morning, that it is the new owner of the Long Beach Grand Prix. This comes five years after another surprise announcement, that Penske had purchased the Indianapolis Motor Speedway,

Roger Penske, the legendary driver, team owner and now race-track executive, has bought the Long Beach Grand Prix, adding the race to a stable of open-wheel events that already includes the Indy 500.

2024 will mark the 50th edition of the race weekend and is expected to include special events to mark the anniversary.