Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach. Forsythe bought Kalkhoven's shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America's longest-running street race.

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

Roger Penske, the renowned racing mogul, has expanded his motorsport empire with the acquisition of the Grand Prix of Long Beach, North America's most prestigious street race.