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,"

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,

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

Roger Penske, the renowned racing mogul, has expanded his motorsport empire with the acquisition of the Grand Prix of Long Beach, North America's most prestigious street race.

This year marks the 50th running of the Grand Prix of Long Beach and it will return to network television with FOX set to broadcast the event April 13.