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.

Long Beach's iconic street race has a new owner that’s deeply intertwined with the racing world — and IndyCar specifically.

The next Grand Prix of Long Beach will be the 50th edition of the race weekend and is expected to include special events to mark the anniversary. The race will be broadcast on Fox on April 13.

Penske Entertainment has acquired the Grand Prix of Long Beach from Gerald R. Forsythe, the organization announced Thursday.

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,"

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

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 Grand Prix of Long Long Beach, the longest-running major street circuit race in North America, will have a new owner heading into the 50th edition of the event next year. Penske Entertainment announced its purchase of Grand Prix Association of Long Beach,

The owner of the IndyCar Series and Indianapolis Motor Speedway adds the iconic, historic street race to its portfolio.