Fox Corporation Acquires One-Third Interest In IndyCar and Indianapolis Motor Speedway

The NTT IndyCar Series is off this weekend, but will be back in action Aug. 10 in Portland for the third-to-last race of the season.

However, just because there aren't cars on track doesn't mean there can't be some news, and Thursday, we got a biggie.

It was announced that Fox Corporation — of which OutKick is a part — has purchased a one-third interest in Penske Entertainment, which includes both the IndyCar Series and the Indianapolis Motor Speedway.

This comes as the series is winding down its first year of a multi-year broadcast partnership with Fox that, through this deal, has been extended.

"This partnership is built on long-standing trust and a shared vision for the future," Penske Entertainment founder Roger Penske said in a statement. "FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. (Executive Chair and Chief Executive Officer of Fox Corporation) Lachlan Murdoch and his team, starting with (Fox Sports CEO) Eric Shanks, are committed to our success and will bring incredible energy and innovation to INDYCAR."

The Fox Corporation has purchased a one-third interest in Penske Entertainment which includes IndyCar and Indianapolis Motor Speedway. (Getty images)

The deal promises to "supercharge a new era of growth" for IndyCar and will include innovative racing and entertainment events, immersive content, and enhanced promotion and star-building opportunities for drivers.

"We’re thrilled to join the INDYCAR ownership group at such a pivotal time for the sport," Shanks said. "INDYCAR represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential. This investment underscores our commitment to motorsports and our belief in INDYCAR’s continued growth on and off the track. We’re excited to help elevate the sport to new heights across all platforms."

This is a big deal as the series is closing down a solid season that has seen Chip Ganassi Racing's Alex Palou dominate at a level that hasn't been seen in decades. Furthermore, IndyCar has a big new race on the horizon in the Grand Prix of Arlington, which debuts next season.

Plus, there's the promise of a (much-needed) new chassis that is expected to debut on track in 2028 and will replace the current chassis, which has been in use since the 2012 season.