INDIANAPOLIS (WISH) — IndyCar team owners on Thursday said Fox Corp.’s purchase of a minority stake in IndyCar’s parent company would further strengthen the series.

Penske Entertainment, which owns the the IndyCar Series itself as well as Indianapolis Motor Speedway, announced Thursday morning that Fox Corp., the parent company of Fox Sports, had purchased a one-third stake in the company. Officials did not disclose details but the Wall Street Journal reported the deal was valued from $125 million-135 million.

Penske Entertainment is part of Roger Penske’s Penske Corp. but is separate from Team Penske, which fields drivers Josef Newgarden, Will Power and Scott McLaughlin in the series.

IndyCar teams told News 8 they were thrilled by the deal. Juncos Hollinger Racing co-owner Brad Hollinger said IndyCar viewership and social media engagement with people ages 18 to 34 is already way up, and the series is working to reach markets where it hasn’t competed and people who aren’t racing fans. Hollinger said the deal could mean more venues and further emphasis on off-track engagement.

“I think the fans are going to have an even more expanded experience over the race weekend. There are going to be even more activities and events for all ages,” he said. “To tap into (Fox’s) creative juices and their ability to engage digitally I think portends extraordinarily well for the sport.”

Hollinger said a combination of close finishes and a variety of tracks — superspeedways, short ovals, road courses and street circuits — mean the sport has exciting racing to offer fans and Fox has done a good job of promoting it.

Statements

“FOX has been a game changer for INDYCAR this season as reflected in the TV ratings. Their investment in our sport is phenomenal and their commitment offers incredible opportunities for the INDYCAR Series, its teams and the sponsors both current and prospective. Roger Penske’s vision for our sport is far-reaching and every INDYCAR team should be thrilled by this news as both my father and I are.”

Larry Foyt, AJ Foyt Racing

“This is great news for the NTT INDYCAR SERIES, FOX, the teams and all involved. Fox has done an awesome job broadcasting and marketing the series this season, and I don’t think we’ve seen everything they’re planning and capable of quite yet. Our Arrow McLaren team works closely with Fox and Indycar to promote our drivers and the races and we’re excited to do even more for our fans.”

Tony Kanaan, Arrow McLaren Team Principal and 2013 Indianapolis 500 winner

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