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| Eric Shank - CEO Fox Sports, wearing the tee he designed at the St Pete Grand Prix |
Why Has IMS & IndyCar Ownership
Been Divided?
Aug 6 - Penske Entertainment sent out a
press release announcing it had sold off 33% of
the company to the Fox Broadcasting company.
This development surprised me and I was
perplexed as to why it happened.
The Penske Entertainment division owns the
Indianapolis Motor Speedway, IndyCar and the
rights to the Long Beach Grand Prix and Detroit
Grand Prix.
Everyone knows that Roger Penske has a lifelong
passion for motorsports and has spent much of his
time and money participating at IMS in the Indy
500. I would guess that gaining ownership of the
most famous race track in the world was one of
the highlights of his career. He has joined the
ranks of the few men who have owned the historic
race track. Assuming he has more money than
God, why would he risk that legacy, after only 5
years of ownership, by sharing it with an outside
entity?
Does he need the money? Has he lost interest?
Does it have something to do with his childrens'
inheritance? I thought the answer to all those
questions was no.
Been Divided?
Aug 6 - Penske Entertainment sent out a
press release announcing it had sold off 33% of
the company to the Fox Broadcasting company.
This development surprised me and I was
perplexed as to why it happened.
The Penske Entertainment division owns the
Indianapolis Motor Speedway, IndyCar and the
rights to the Long Beach Grand Prix and Detroit
Grand Prix.
Everyone knows that Roger Penske has a lifelong
passion for motorsports and has spent much of his
time and money participating at IMS in the Indy
500. I would guess that gaining ownership of the
most famous race track in the world was one of
the highlights of his career. He has joined the
ranks of the few men who have owned the historic
race track. Assuming he has more money than
God, why would he risk that legacy, after only 5
years of ownership, by sharing it with an outside
entity?
Does he need the money? Has he lost interest?
Does it have something to do with his childrens'
inheritance? I thought the answer to all those
questions was no.
I learned that the man who runs Fox Sports is Eric
Shank. He's a longtime employee at Fox. But
more importantly, having grown up a Hoosier, he is
a lifelong fan of IMS and IndyCar. I think this
acquisition came about due to Shank's influence
and love for the series and track and his desire to
help it.
In addition, I was reminded of specific new
innovations, not mentioned in the release, that Fox
has indeed brought to the sport this year.
I think Penske became convinced that the great
resources at Fox will be brought to bear for the
benefit of IndyCar - benefits that go beyond what
his current employees or subcontractors can
accomplish.
In other words, the press release is honest about
the motivation, but did a poor job of making it
believable.
As long as Shank is in charge at Fox Sports, I
think IndyCar is going to benefit.
Regardless of what the future holds, Penske
Entertainment is still in control of both
organizations and perhaps could buy back Fox's
portion in the future if necessary.
Shank. He's a longtime employee at Fox. But
more importantly, having grown up a Hoosier, he is
a lifelong fan of IMS and IndyCar. I think this
acquisition came about due to Shank's influence
and love for the series and track and his desire to
help it.
In addition, I was reminded of specific new
innovations, not mentioned in the release, that Fox
has indeed brought to the sport this year.
I think Penske became convinced that the great
resources at Fox will be brought to bear for the
benefit of IndyCar - benefits that go beyond what
his current employees or subcontractors can
accomplish.
In other words, the press release is honest about
the motivation, but did a poor job of making it
believable.
As long as Shank is in charge at Fox Sports, I
think IndyCar is going to benefit.
Regardless of what the future holds, Penske
Entertainment is still in control of both
organizations and perhaps could buy back Fox's
portion in the future if necessary.
In addition to why it happened, I was very
concerned about what it could mean for the future
of IMS. What kind of dedication would a media
conglomerate show towards IMS and IndyCar?
IMS has been under private control for over 100
years. NASCAR is still under control by the
France family.
It's no secret these media behemoths make billion
dollar deals buying, selling, combining and
dismantling various media companies, channels
and shows. Their driving force is profit bereft of
any loyalty to fans of an entertainment vehicle, nor
appreciation for the quality of such a vehicle.
None are safe when the deals are so big. Only
the bottom line matters; or so it seems to me.
While Fox is only a minority owner for now, if
Penske is willing to sell a third, what is to stop him
from selling more later? It's fathomable that one
day Penske becomes a minority owner. Then
concerns about the future of IMS, in the hands of
Rupert Murdoch's finance lawyers, become
tenuous.
The press release basically says the reasons for
the sale was that Fox was going to help IndyCar
grow. My problem with the release was that it
smacked of marketing hype written with the
sketchy strategy of a political campaign. Being a
cynic, it sounded like a load of hogwash.
I couldn't fathom what the real reasons were, so I
looked for more information.
concerned about what it could mean for the future
of IMS. What kind of dedication would a media
conglomerate show towards IMS and IndyCar?
IMS has been under private control for over 100
years. NASCAR is still under control by the
France family.
It's no secret these media behemoths make billion
dollar deals buying, selling, combining and
dismantling various media companies, channels
and shows. Their driving force is profit bereft of
any loyalty to fans of an entertainment vehicle, nor
appreciation for the quality of such a vehicle.
None are safe when the deals are so big. Only
the bottom line matters; or so it seems to me.
While Fox is only a minority owner for now, if
Penske is willing to sell a third, what is to stop him
from selling more later? It's fathomable that one
day Penske becomes a minority owner. Then
concerns about the future of IMS, in the hands of
Rupert Murdoch's finance lawyers, become
tenuous.
The press release basically says the reasons for
the sale was that Fox was going to help IndyCar
grow. My problem with the release was that it
smacked of marketing hype written with the
sketchy strategy of a political campaign. Being a
cynic, it sounded like a load of hogwash.
I couldn't fathom what the real reasons were, so I
looked for more information.
8/23 - You can now subscribe to Fox Sports so you can watch IndyCar practices and
qualifying. At $20/month, that is cheaper than any cable package which includes Fox
Sports. Sign up at the Fox Sports website or on the Fox Sports app.
qualifying. At $20/month, that is cheaper than any cable package which includes Fox
Sports. Sign up at the Fox Sports website or on the Fox Sports app.
8/24 - With one race left to run, Norwegian driver Dennis Hauger wrapped up the
Indy NXT championship, handing Andretti Global their 7th title in the series.
2025 INDY NXT & USF2000 Final Point Standings
Indy NXT championship, handing Andretti Global their 7th title in the series.
2025 INDY NXT & USF2000 Final Point Standings
8/10 - With two races yet to run, Spanish driver Alex Palou wrapped up the IndyCar
championship, giving Chip Ganassi Racing their 17th title in 39 years. This was
Palou's 3rd IndyCar championship in a row, and 4th overall.
2025 IndyCar Final Point Standings
championship, giving Chip Ganassi Racing their 17th title in 39 years. This was
Palou's 3rd IndyCar championship in a row, and 4th overall.
2025 IndyCar Final Point Standings