Penske Entertainment has acquired the Grand Prix of Long Beach from Gerald R. Forsythe, the organization announced Thursday.

Roger Penske has just added another notch in his auto racing belt. The billionaire purchased the Long Beach Grand Prix. The purchase also makes the Grand Prix an important part of another racing series Penske owns,

This acquisition comes five years after Penske had purchased the Indianapolis Motor Speedway, the Indianapolis 500 race, and IndyCar.

Roger Penske, 87, keeps on the accelerator by acquiring the Long Beach street race to go with his IndyCar holdings.

Roger Penske on Thursday added the most prestigious street race in North America to his portfolio with the purchase of the Grand Prix of Long Beach. Forsythe bought Kalkhoven's shares earlier this year amid reports both Formula 1 and NASCAR were interested in North America's longest-running street race.

In a press release Thursday morning, Penske Entertainment announced that it has acquired the Grand Prix Association of Long Beach, which is the organizing body of the Grand Prix of Long Beach and all events associated with it.

Roger Penske, the legendary driver, team owner and now race-track executive, has bought the Long Beach Grand Prix, adding the race to a stable of open-wheel events that already includes the Indy 500.

The auto racing icon once owned Ontario Motor Speedway and was instrumental in developing California Speedway in Fontana.

New Long Beach Grand Prix owner Roger Penske said he is proud to have acquired it, calling it "the most historic and prestigious street circuit race in North America,"