IndyCar

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.

The Indianapolis Motor Speedway @IMS has been sold https://t.co/JZM6diVjxy

— ui7news (@ui7news) November 4, 2019

Penske Entertainment is a subsidiary of Penske (PAG - Get Report) , which is owned by billionaire Roger Penske.

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.