Roger Penske was a car-loving, 14-year-old who regularly listened to the Indianapolis 500 on the radio when his father landed tickets to the 1951 race. They made the trek from Cleveland, and when Penske saw the cars zipping around Indianapolis Motor Speedway at 200 mph he fell instantly in love.

Now he owns the iconic speedway, its hallowed grounds, "The Greatest Spectacle in Racing," the IndyCar Series and all its properties in a stunning deal announced Monday. By early next year, Penske Entertainment Corp. will take over all those entities owned by the Hulman family for 74 years in one of th...