Roger Penske, the legendary driver, team owner and now race-track executive, has bought the Long Beach Grand Prix, adding the race to a stable of open-wheel events that already includes the Indy 500.

Roger Penske has added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach

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,

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,"

Roger Penske added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.

Roger Penske and Penske Entertainment made big news Thursday morning, that it is the new owner of the Long Beach Grand Prix. This comes five years after another surprise announcement, that Penske had purchased the Indianapolis Motor Speedway,

The auto racing icon once owned Ontario Motor Speedway and was instrumental in developing California Speedway in Fontana.