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, 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.

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