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. Forsythe bought Kalkhoven's shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America's longest-running street race.

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