FOX Grabs $125m IndyCar Stake Amid F1 War

Fox Corporation has snapped up a one-third stake in Penske Entertainment, the outfit behind IndyCar and the iconic Indianapolis Motor Speedway, in a deal announced on Thursday. Valued at around $125-135 million, this move also locks in a multi-year extension for Fox Sports to broadcast IndyCar races, building on their partnership that kicked off earlier this year.

For Formula 1 fans, this raises eyebrows about future US broadcast rights. F1’s current deal with ESPN runs through the end of 2025, covering the full 24-race calendar that includes newcomers like the Madrid Grand Prix and staples such as Monza. With Max Verstappen leading Red Bull’s charge for another title, and teams like Mercedes fielding young gun Andrea Kimi Antonelli alongside George Russell, the series is hotter than ever in America.

Fox’s deeper dive into open-wheel racing could position them as a contender when F1’s rights come up for grabs. They’ve already got NASCAR’s crown jewel, the Daytona 500, and adding IndyCar’s full slate to network TV boosts their motorsport portfolio. Insiders suggest this isn’t just about IndyCar—Fox might be gearing up to challenge ESPN for F1, especially as streaming giants like Netflix eye sports content.

Penske boss Roger Penske called it a “strategic investment” to fuel IndyCar’s growth, but the ripple effects could shake up how F1 reaches its growing US audience. With drivers like Lando Norris at McLaren and Lewis Hamilton now at Ferrari, the battle for eyeballs stateside is intensifying. Watch this space as negotiations heat up post-season.