"Everything he touches turns gold": Kenny Wallace hails Roger Penske’s business genius amid IndyCar sale deal with FoxSports

When Fox Corporation acquired a one-third stake in Roger Penske's Penske Entertainment this week, it was a signal. A signal that IndyCar, often teetering between legacy status and modern irrelevance, is ready to push hard into a new growth phase, and former NASCAR racer Kenny Wallace was thrilled to hear it.

The sale includes a continued exclusive media partnership, which entails all 2025 races to be broadcast on FOX, the only major North American racing series with a full network TV commitment. And it gives one of motorsport's most storied institutions both deeper broadcast muscle and the promise of long-term backing.

For Kenny Wallace, it all makes perfect business sense. Speaking candidly on his Coffee with Kenny segment on Thursday, July 31, Wallace said:

"Fox TV now owns a part of IndyCar. So you know what that means?... They have invested and now they're going to pull all the mechanisms, all the levers to make IndyCar better, bigger and better. Now that my friend, that's why Roger Penske is so good. He's a genius and he has everything he touches pretty much turns to gold, because he's a businessman." (3:10 onwards)

That label has defined Roger Penske's tenure since he took over IndyCar and Indianapolis Motor Speedway in late 2019. In that time, Penske has leaned heavily into infrastructure, digital presence, and fan engagement, especially at IMS. The results have been tangible.

The 2025 Indianapolis 500 drew 7.01 million viewers on Fox, up 41% from the previous year and marking the highest rating since 2008. IndyCar's overall season viewership is 31% in 2025, its best since 2016. Social media growth has crossed 1 million new followers, driven by a revamped app, improved fantasy integrations, and regular content across platforms.

Roger Penske, Tony George, and Mark Miles announce the sale of Hulman & Company. Source: Getty

Penske has also approved new venues (like Arlington, Texas), explored international options (including Mexico), and modernized IndyCar's branding to try and reach younger demographics. But as Wallace points out, not everything is running clean. Apart from the Indy 500, the interest in IndyCar is little.

"I've always said in a very polite way that when you leave the Indy 500, do you pay any attention to the IndyCar races?... IndyCar was a sh*t show at Iowa... I'm assuming Roger Penske and his mind said, 'Oh no,' when he saw Iowa, because Iowa, there was nobody in the Grandstands... And the TV viewership was down because they felt like it wasn't advertised. That told Roger that IndyCar is still vulnerable, meaning that it's still not where it needs to be," he added (4:03 onwards).

Without the Indy 500, the series is averaging just 838,000 viewers per race in 2025, according to BlackBook Motorsport. For all its tradition, technical skill, and racing quality, IndyCar hasn't consistently broken through to the mainstream sports audience in the USA.

Why Roger Penske's Fox deal matters more than just TV ratings

(L-R) Mark Miles, Roger Penske, and Tony George, after the sale of the IndyCar Series. Source: Getty

The $125–$135 million deal, as reported by The Wall Street Journal, holds Fox Sports in a minority ownership role of Penske Entertainment. It is not just the parent company of IndyCar but also the owner of the hallowed Indianapolis Motor Speedway. Fox already owns full-season exclusive broadcast rights for IndyCar beginning in 2025, but now, it quite literally has skin in the game.

Insiders believe it is to own the rights, own a stake, and control the growth. In a press release, Fox Sports CEO Eric Shanks, a lifelong Indy 500 fan and Indiana native, said:

"We're thrilled to join the INDYCAR ownership group at such a pivotal time for the sport... This investment underscores our commitment to motorsports and our belief in INDYCAR’s continued growth on and off the track."

Roger Penske himself was equally bullish, stating:

"This partnership is built on long-standing trust and a shared vision for the future. Fox sees the incredible potential across our sport and wants to play an active role in building our growth trajectory... Eric Shanks and his team are committed to our success and will bring incredible energy and innovation to IndyCar."

If IndyCar succeeds, Fox wins not just in ratings, but financially. The network has a history of learning from its past. It famously helped build the UFC into a media powerhouse, only to lose it to ESPN when the contract ended.

FOX Sports CEO Eric Shanks speaks to the media during FOX Sports Media Day. Source: Getty

Fox has since altered its approach. It took a minority stake in the Big Ten Network, securing top-tier college football rights. It co-owns the UFL, giving it both programming and equity. It also holds a stake in Flutter Entertainment/FanDuel, weaving itself into the sports gambling future.

Fox now adds IndyCar to that portfolio. And it's already applying those lessons. For Roger Penske, that's validation. Because this deal isn't just about boosting one race - it's about creating a sustainable, watchable, promotable motorsport product, 17 weekends a year. And with Fox's full backing, IndyCar may finally be able to turn that corner.

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Edited by Rupesh