Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach. He bought the race from Gerry Forsythe, who owned half the event with the late Kevin Kalkhoven.

Roger Penske has played out a strategic masterclass as he gears up to go toe-to-toe with the likes of NASCAR and F1 for bragging rights.

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.