Roger Penske has just added another notch in his auto racing belt. The billionaire purchased the Long Beach Grand Prix. The purchase also makes the Grand Prix an important part of another racing series Penske owns,

In a press release Thursday morning, Penske Entertainment announced that it has acquired the Grand Prix Association of Long Beach, which is the organizing body of the Grand Prix of Long Beach and all events associated with it.

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