event

The three-day event, which will celebrate its 50th anniversary in April, draws nearly 200,000 people to the streets of Long Beach, contributing an estimated $63 million to the region’s economy annually.

Financial terms of the deal between Penske and Gerald R. Forsythe, the long-time owner of the event, were not disclosed.

Forsythe and partner Kevin Kalkhoven paid a reported $15 million for the event in 2005.

The event was the shared property of Forsythe, 87, an American businessman and auto racing magnate, and Kalkhoven, his Australian-born partner.

After Kalkhoven died in 2022, his estate put its 50% stake in the race up for sale and Forsythe bought it last March, promising to keep it an IndyCar event while also preparing to sell.