Hulman and Company has announced the sale of IndyCar and the Indianapolis Motor Speedway to a subsidiary of the Penske Corporation.
The ownership of the series and the circuit in Indianapolis has been transferred to Penske Entertainment Corp.
The move has been hailed by senior officials in IndyCar, with Penske enjoying unparalleled success at the Indianapolis 500, winning the race 18 times as a team owner.
"I've got a big commitment here to take over certainly as the steward of this great organization and what's been done here in the past for so many decades. It's my commitment to the Hulman family.
"The fact that you would select us is an opportunity to take on this investment, it's amazing, and I just want to thank Tony [George, former CEO of IMS] and everyone else that's been involved in this."
Penske has won the last two Indy 500 races, while one of his cars has triumphed at the IndyCar Grand Prix at Indianapolis at the last five events.
Speaking about his plans for the future of the circuit, Penske said: "I think we look at businesses that we invest in where we have domain knowledge.
"I think the fact that we've been coming to this track for almost 50 years and seeing the growth of the series and understand the technology and it's also a great business opportunity for us to grow it to the next level.
"We look around this thousand acres and we say, can this be the entertainment really capital, not only the racing capital of the world but entertainment capital of the world in Indiana? Be able to support the state, the governor, the region, the city, the town of Speedway, and continue to grow it.
"We're going to invest capital. We know the economic benefit today that this race brings to the region is amazing, and we want to grow that. It's important to us."