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But Penske is more interested in what the Grand Prix does for racing, particularly IndyCar.

Penske, 87, said he plans few noticeable changes to what Jim Michaelian, the Grand Prix’s president and CEO, has set for next year.

The purchase of the Grand Prix of Long Beach, the second-largest street race in the world behind only the Formula 1 Grand Prix in Monte Carlo, also marks Penske’s return to Southern California racing at a time when the sport appears to be in retrenchment.

That leaves the Grand Prix of Long Beach as the only major motorsports event in a region that once hosted dozens of racing series each year.

On Thursday he expanded his empire by acquiring the Grand Prix of Long Beach, the longest-running major street race in North America and one of the largest and more important events on Southern California’s sporting landscape.