What happened on Monday of this week will have major ramifications for the entire Indianapolis metro area.  That was the consummation of the  purchase of the Indianapolis Motor Speedway by Roger Penske’s company.

That race track on the west side of Indianapolis hosts the largest single-day sporting event in the world each May.  It pumps millions of dollars into the area economy.  Without the Speedway, the economy of the Indy area would be much different, as in much smaller.

Many may think that this was a natural progression.  It was not.  The race track has seen a handful of owners since Carl Fisher found a group of investors to start the process roughly in 1909.  The Hulman family has owned the Speedway for 75 years.

When it was clear the family wanted to sell, the only family member with a tie to the track and its racing history was Tony George.  He was the one that pitched the idea of selling the track to Roger Penske, and the deal was reached fairly quickly.

Let me say now that if the Speedway had been purchased by, for example, a hedge fund just wanting to squeeze profits from the famed facility, keeping the tradition of the 500 alive would have been difficult.  But Roger Penske is a racing guy and has become a famous car owner by winning the world-famous 500 more than any owner.

Penske has pledged millions of dollars in improvements to the facility just between now and the 2020 Indy 500.  He wants to use the grounds to host more concerts and other events.  He wants to bring Formula One back to Indy.  He wants to explore a 24-hour endurance sports car race.

All ambitious ideas no hedge fund would even countenance.  This is why not only race fans, but all of central Indiana, should be thankful Tony George made the move and Roger Penske decided to buy.  It will maintain and improve the biggest event our area has to offer.

I was with a group of people from all over the world many years ago and there were individuals from Paris, London and even the old Soviet Union in the group.  When I told the crowd I was from Indianapolis, all they wanted to talk about with me was the 500.  It is still our one single biggest claim to fame.

As Fishers Mayor Scott Fadness has said many times, whether we like it or not, we all sink or swim as a region, the Indianapolis Metropolitan Area.  Without the Indy 500 a strong and vibrant event, our region would not be the same.

So, let’s look forward to the Penske era as it dawns on the Indianapolis Motor Speedway.  The crown jewel of our area is in good hands, and that is good for our entire region – including Fishers.