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

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,

Long Beach's iconic street race has a new owner that’s deeply intertwined with the racing world — and IndyCar specifically.

Roger Penske, 87, keeps on the accelerator by acquiring the Long Beach street race to go with his IndyCar holdings.

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 said it expected “to provide significant investment” in the experience for Long Beach fans, sponsors and hospitality customers, but it did not provide details or an amount it intended to spend on the race.

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

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.

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,

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.