Billionaire Roger Penske’s Penske Entertainment announced earlier this morning it had purchased the race series from longtime owner auto racing magnate Gerald R. Forsythe.

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

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,

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.

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 announced Thursday that it has acquired the Grand Prix Association of Long Beach from Gerald Forsythe. The purchase

Roger Penske has added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach

Penske Entertainment's acquisition of the Grand Prix of Long Beach aims to improve the IndyCar series and its flagship event through investment.

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,"

Roger Penske added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach.