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

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

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.

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.

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,"

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.

This year marks the 50th running of the Grand Prix of Long Beach and it will return to network television with FOX set to broadcast the event April 13.

2024 will mark the 50th edition of the race weekend and is expected to include special events to mark the anniversary.