Penske has become the owner of Indianapolis Motor Speedway and the NTT IndyCar Series after completing the purchase of Hulman and Company, it has been announced.

In a media advisory issued on Monday morning, it was confirmed that Tony George and Mark Miles, the respective chairman and president of Hulman and Co., would be appearing on a call later today with Roger Penske regarding the sale of the company.

The deal includes Indianapolis Motor Speedway, the IndyCar Series and IMS Productions, as well as other subsidiaries, and marks a big sea change for IndyCar heading into the future.

Penske has been part of the IndyCar furniture for over five decades, with his eponymous team, Team Penske, racking up 18 Indianapolis 500 victories and winning the drivers' title on 14 occasions, including both crowns in 2019 courtesy of Simon Pagenaud and Josef Newgarden.

But this move will now see Penske play a bigger role in determining IndyCar's future following the takeover of Hulman and Co., which has owned Indianapolis Motor Speedway since 1945.

A press conference is scheduled for 11am ET (4pm GMT) during which further details regarding the sale will be made public.

Besides IndyCar, Penske also has full factory programmes racing in both NASCAR and Supercars. Penske is also known to have been supportive of a potential link-up between NASCAR and IndyCar on the same race weekend that was mooted earlier this year.