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.

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.