Since its creation in 1946, the Indianapolis Motor Speedway has been owned by multiple industry giants. The following is a list of every company that has owned the iconic track.
RCA
The recording industry bought the Indianapolis Motor Speedway from the city in 1968 for a then-record price of $10 million. RCA used the track to host The Beatles ‘Love Fest’ during the summer of 1969. The group played several sold-out concerts at the track, including a memorable performance on July 30, 1969 that drew a crowd of over 200,000 people.
The following year, RCA opened the U.S.S.R.I. (United States Sports Research Institutes), a laboratory devoted to the development of sports equipment, at the Speedway. The company also renovated the property and invested heavily in infrastructure, including an entirely new trackside hotel.
AMC
American Motors Corporation bought the Indianapolis Motor Speedway from RCA in 1974 for a price tag of $12.8 million. The company sold the track a year later for $16.5 million to Jack Assig, the then-president of Chrysler Corporation, to help finance the purchase of AMC’s luxury yacht division, Monaco.
In 1977, Assig sold the property to James M. Cox, the then-owner of the Oakland A’s baseball team, for $17 million. Cox updated the hotel with new furnishings and appointed Philippe Starck, the famed French designer, to design the interiors.
CHRY
Chrysler Corporation purchased the Indianapolis Motor Speedway from Jack Assig in 1978 for a price tag of $18.5 million. The company sold the track a year later for $24.5 million to Malaysian industrialist Jacob B. Knoell. Knoell had wanted to purchase the track for some time and began renovations that same year.
The following year, Knoell sold the property to a trio of Boston investors for $27 million. The trio, who call themselves the Red Canvas Corporation, plan to maintain the current state of the art and update the infrastructure with a new museum.
TAMI
Texaco Inc. purchased the Indianapolis Motor Speedway from the Red Canvas Corporation in 1980 for a price tag of $28 million. The company sold the track two years later for $36 million to Japanese telecom company Nippon Telegraph and Telephone Corporation (NTT).
In the mid-1980s, NTT expanded its North American operations and opened an affiliate in Indianapolis called the Indiana Communication Technology Center. The company used the facility to test new telephone technologies and equipment. In 1999, NTT paid $47.5 million for the property and over the next few years invested heavily in a major upgrade to the infrastructure.
EPCOR
EPCOR, the parent company of the Echelon Corporation, purchased the Indianapolis Motor Speedway from Texaco in 1982 for a price tag of $40 million. At the time of the sale, EPCOR was already operating a telecommunications center at the property. EPCOR maintained the current state of the art and continued to operate the center under its existing name, despite the sale.
TELEX
TELEX Corporation bought the Indianapolis Motor Speedway from EPCOR in 1985 for a price tag of $48 million. The company was already operating a cable television system at the time of the purchase and expanded its operations to include the creation and distribution of advanced television programming.
KELLOG
Keylog Wireless, a division of Keylog, Inc., bought the Indianapolis Motor Speedway from TELEX Corporation in 1988 for a price tag of $60 million. The following year, Keylog purchased nearby Crown Auto Parks and expanded its operations to include the operation of a multi-use conference center, the Hoosier Lottery, and the Indiana Office of Tourism. The company remains the sole owner of the Speedway.
NITTO
Nippon Telegraph and Telephone Corporation (NTT) bought the Indianapolis Motor Speedway from the Keylog group in 1992 for a price tag of $75 million.
In the summer of 1994, NTT completed a joint venture with Japanese trading company Maruho to form the Nitto Maruho Communications Group. As a part of the deal, NTT bought a 50% stake in the joint venture for $30 million and gained ownership of the Speedway. The group operates a 1,000-bed, five-star hotel, several restaurants, and a jazz club on the premises. They also maintained the current layout of the speedway and expanded it with a 2,000-seat trackside restaurant, the Brickyard Cafe.
PARK
PARK Hotels and Resorts bought the Indianapolis Motor Speedway from NTT in 1998 for a price tag of $105 million. The following year, the company purchased the Chicago Skyway and announced plans to renovate and expand the property. The company invested heavily in infrastructure, including a new garage and press room for interviews.
In March 2000, Toyota bought a 10% share in PARK for $11.5 million. The following month, BMW and Honda each purchased a 5% stake for $5 million and $2.5 million, respectively. The companies, along with Toyota, own 43% of the business. The remaining 47% is owned by an affiliate of Lehman Brothers, which invested in the project along with other private investors.
HALL
Hall Corporation bought the Indianapolis Motor Speedway from the Park Hotel group in 2001 for a price tag of $125 million. Like its predecessor, Hall operates a luxury hotel and conference center on the site. The company also owns a nearby sports and entertainment complex that it uses to host major sporting events and concerts.
Hall purchased the race track for $15 million in 1947 and turned it into the Indianapolis Motor Speedway, the first major race of the Indy 500. The company also owns the IUPUI (Indianapolis University-Purdue University Indianapolis) Health Sports Center and the Conseco Fieldhouse, which it uses to host large gatherings. Finally, Hall operates the Hoosier Lottery and tours the state conducting educational and family-friendly activities.
CAMERA
Canon Inc. bought the Indianapolis Motor Speedway from Hall in 2007 for a price tag of $150 million. The company already had a connection to the track as a partner in the form of the Canon Indy Digital Imaging Center. Using the track for company events and educational activities, Canon plans to update the infrastructure and add more restaurants and shops.
TOTAL
Total S.A. purchased the Indianapolis Motor Speedway from the Canon group in 2011 for a price tag of $230 million. The French company, which owns the Burger King and Blue Bottle Café chains, has plans to update the existing hotel and conference center with a new high-rise design. The company also purchased the adjacent BizEaze office building and intends to use it to house its North American headquarters. Finally, Total S.A. purchased the Hoosier Lottery and intends to modernize the draw and increase its distribution to areas outside of central Indiana.
What Company Bought Speedway?
Since its creation in 1946, the Indianapolis Motor Speedway has been owned by multiple industry giants. The following is a list of every company that has owned the iconic track.
- RCA
- American Motors Corporation
- Chrysler Corporation
- Texaco Inc.
- EPCOR
- TELEX
- KELLOG
- NITTO
- PARK
- Hall Corporation
- CAMERA
- Canon Inc.