Penske Corporation has completed its acquisition of the NTT IndyCar Series, Indianapolis Motor Speedway and its associated companies.

Penske announced back in November that it had struck a deal to takeover IndyCar and its various offshoots with its prior owner, Hulman and Company, putting Roger Penske at the helm of American single-seater racing.

In a statement issued on Monday, IndyCar confirmed that Penske had completed the takeover from Hulman and Co., becoming just the fourth owner of Indianapolis Motor Speedway.

"We are looking forward to carrying on the tradition of the Indianapolis Motor Speedway and IndyCar racing," said Penske.

"We have been diligently working with the teams at IMS, INDYCAR and IMS Productions over the last two months to ensure a smooth and productive transition and we are ready to hit the ground running.

“Now, it is time to get to work as we continue the growth of the Speedway and we build on the momentum of the NTT IndyCar Series."

The takeover sees Penske make a considerable addition to his motorsport portfolio that includes racing programmes in IndyCar, NASCAR, Supercars and sports car racing.

Penske’s takeover is set to herald a new era for both the NTT IndyCar Series and for Indianapolis Motor Speedway, which he is keen to evaluate the return of many racing series to.

A potential revival of the Formula 1 race at Indianapolis, staged between 2000 and 2007, has been mooted, while the track also hosted MotoGP between 2008 and 2015.

The new IndyCar season – and the first under Penske’s stewardship – will begin on March 15 with the Grand Prix of St. Petersburg.