Hulman & Co. is selling the Indianapolis Motor Speedway, the NTT IndyCar and Indianapolis Motor Speedway Productions to Penske Entertainment.
Both companies announced the deal Monday in a press release.
A press conference, including Hulman Chairman Tony George, President and CEO Mark Miles, and Roger Penske, will take place at Indianapolis Motor Speedway later Monday.
Hulman & Co. has owned the track since 1945.
Penske is the most successful team owner in Indy 500 history, with 18 victories, according to Road and Track.
Penske shares were rising 0.36% to $50.88 in trading Monday. Shares have risen nearly 26% so far in 2019.