Automotive & Transportation
Fox buying significant stake in IndyCar series owner Penske Entertainment
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Published in Media and Entertainment on Thursday, July 31st 2025 at 11:25 GMT by The Indianapolis Star🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
IndyCar TV partner Fox is buying a stake in Penske Entertainment, which own the series, as well as IMS and IMS Productions.
Penske Entertainment Sells Minority Stake in IndyCar to Broadcast Partner Fox Sports
In a landmark move that could reshape the landscape of American open-wheel racing, Penske Entertainment has announced the sale of a minority stake in IndyCar to its television broadcast partner, Fox Sports. The deal, revealed on July 31, 2025, marks a significant evolution in the ownership structure of one of motorsport's most storied series, blending the worlds of racing operations and media broadcasting in a bid to propel IndyCar into a new era of growth and visibility.
The agreement sees Fox acquiring an undisclosed but substantial minority interest in Penske Entertainment, the parent company that oversees IndyCar, the Indianapolis Motor Speedway (IMS), and related assets. While exact financial terms were not disclosed, industry insiders estimate the valuation of the stake to be in the hundreds of millions, reflecting the rising commercial appeal of IndyCar amid a surge in viewership and sponsorship interest. This partnership builds directly on the multi-year broadcast deal inked earlier this year, which positioned Fox as the exclusive television home for IndyCar races starting in 2025, including the iconic Indianapolis 500.
Roger Penske, the legendary team owner and chairman of Penske Entertainment, described the transaction as a "strategic alliance" designed to leverage Fox's media expertise and distribution capabilities. "We've always believed in the potential of IndyCar to captivate audiences worldwide," Penske said in a statement. "Partnering with Fox isn't just about broadcasting races; it's about innovating how we engage fans, expand our reach, and invest in the future of the sport. This stake sale ensures that IndyCar has the resources and vision to compete on a global stage."
The origins of this deal trace back to Penske's acquisition of IndyCar and IMS in late 2019, a pivotal moment that rescued the series from years of uncertainty under previous ownership by the Hulman-George family. At the time, Penske, already a dominant force in motorsport with his Team Penske outfit, promised to revitalize the series through aggressive marketing, technological advancements, and improved fan experiences. Under his stewardship, IndyCar has seen steady gains: attendance at the Indy 500 has rebounded, new international races have been added to the calendar, and hybrid engine technology is set to debut in 2026, signaling a commitment to sustainability and innovation.
However, challenges have persisted. IndyCar has long grappled with competition from NASCAR and Formula 1 for media attention and sponsorship dollars. Broadcast deals have been a sore point; previous partnerships with NBC and other networks delivered solid but inconsistent viewership, often overshadowed by the dominance of NASCAR on Fox and NBC platforms. The shift to Fox in 2025 was hailed as a game-changer, promising 17 races on the main Fox network—a significant upgrade from cable-heavy schedules—and enhanced digital streaming options through Fox's apps and partnerships.
By selling a stake to Fox, Penske Entertainment is essentially deepening this relationship, turning a broadcast partner into a vested stakeholder. Fox Sports CEO Eric Shanks echoed Penske's enthusiasm, emphasizing the synergies between the two entities. "IndyCar represents the pinnacle of speed, skill, and excitement in motorsport," Shanks stated. "As a stakeholder, Fox is committed to not only airing races but also amplifying the stories, personalities, and drama that make IndyCar special. This investment allows us to collaborate on content creation, marketing initiatives, and even technological integrations like advanced analytics and virtual reality experiences for fans."
The deal's implications extend far beyond the boardroom. For IndyCar drivers, teams, and fans, it could mean increased prize money, better production values in broadcasts, and a push toward more prime-time slots. Analysts point to successful models in other sports, such as Liberty Media's ownership of Formula 1, which transformed the series into a global entertainment powerhouse through Netflix documentaries like "Drive to Survive" and aggressive social media strategies. Similarly, Fox's involvement could lead to crossover programming, integrating IndyCar into its broader sports portfolio that includes NFL, MLB, and college football.
Industry experts have mixed reactions. Veteran motorsport journalist Robin Miller praised the move as "long overdue," noting that IndyCar has historically underinvested in promotion compared to its rivals. "Penske has the racing acumen, but Fox brings the media muscle," Miller said. "This could finally give IndyCar the visibility it deserves, potentially attracting new sponsors and talent from around the world." On the flip side, some purists worry about commercialization diluting the sport's heritage. "IndyCar's soul is in its grassroots appeal and the raw thrill of oval racing," commented former driver and analyst Scott Goodyear. "We have to ensure that Fox's influence enhances that, not turns it into just another entertainment product."
Financially, the stake sale provides Penske Entertainment with fresh capital to fuel ambitious projects. Rumors suggest investments in track upgrades at IMS, expansion of the NTT IndyCar Series calendar—possibly including more street circuits in major U.S. cities or a return to international venues like Mexico or Australia—and enhancements to the series' digital ecosystem. With Fox's backing, IndyCar could explore esports integrations, fan engagement apps, and even augmented reality features during broadcasts, appealing to younger demographics who consume sports through mobile devices and social platforms.
This isn't Fox's first foray into motorsport ownership. The network has a long history with NASCAR, where it holds significant broadcast rights and has influenced the sport's presentation. Extending that model to IndyCar makes strategic sense, especially as NASCAR faces its own challenges with declining attendance and the need for innovation. By contrast, IndyCar's blend of high-speed ovals, challenging road courses, and the crown jewel Indy 500 offers a unique product that Fox can market distinctly.
Fan reactions on social media have been largely positive, with many expressing optimism about increased exposure. "Finally, IndyCar gets the spotlight it deserves on a major network," tweeted one enthusiast. Others speculate on potential cross-promotions, like IndyCar drivers appearing on Fox NFL pre-game shows or integrated coverage during major events.
Looking ahead, the deal positions IndyCar for sustained growth in a competitive motorsport market. With Formula 1 booming under American ownership and NASCAR adapting to electric and hybrid trends, IndyCar's alliance with Fox could be the catalyst for a renaissance. Penske, at 88 years old, has built an empire through calculated risks, and this stake sale appears to be another masterstroke in securing the series' legacy.
As details of the agreement unfold, including regulatory approvals and precise stake percentages, the motorsport world will watch closely. For now, the partnership between Penske Entertainment and Fox signals a bold new chapter for IndyCar—one where racing meets media in a high-octane fusion aimed at driving the sport to unprecedented heights.
In the broader context of sports business, this transaction underscores a growing trend of media companies acquiring stakes in leagues to control content pipelines. From Amazon's investments in the NFL to Disney's ESPN empire, the lines between broadcaster and owner are blurring. For IndyCar, this could mean more than just financial influx; it could redefine how the sport is consumed, from living rooms to global streaming services.
Critics, however, caution against over-reliance on a single partner. If Fox's priorities shift—say, toward more lucrative properties like soccer or basketball—IndyCar could find itself vulnerable. Yet, Penske's track record suggests he's mitigated such risks through diversified revenue streams, including IMS events like the Brickyard 400 crossover with NASCAR.
Ultimately, the stake sale to Fox is more than a business deal; it's a vote of confidence in IndyCar's future. As the 2025 season kicks off under this new banner, fans can expect enhanced coverage, innovative storytelling, and perhaps even a surge in popularity that rivals the series' golden eras of the 1990s. With Penske at the helm and Fox accelerating the engine, IndyCar is poised to race toward a brighter, more prosperous horizon.
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