Following the death of former IndyCar team owner Kevin Kalkhoven in 2022, one of his significant racing assets has been presented for sale by his estate.
RACER has learned Kalkhoven’s 50-percent stake in the world-famous Long Beach Grand Prix event, which the Australian purchased with fellow former IndyCar team owner Gerry Forsythe, is being shopped to potential buyers.
RACER understands a meeting with interested parties was held last weekend at the Long Beach race, which also serves as the second most popular event on the IndyCar calendar after the Indianapolis 500.
At a rumored sale price of $15 million in 2005, Kalkhoven and Forsythe split the cost and its value has only risen in the years since the acquisition was made. During their ownership of the Long Beach GP, major series like Formula 1 and NASCAR have reportedly made attempts to buy the event and replace IndyCar as its headliner.
[lawrence-auto-related count=3 category=1408]
Kalkhoven and Forsythe rejected those advances, but with Kalkhoven’s loss, gaining control of his half of the business is said to have drawn considerable interest from existing racing promotors and racing series alike.
The NTT IndyCar Series is among the rumored parties, which Penske Corporation president Bud Denker addressed last weekend.
“From the current events we have on the docket right now, it’s not on it,” Denker, who also oversees the Detroit Grand Prix,” told RACER. Despite the stated disinterest in becoming half owners of the Long Beach race, Denker did acknowledge the series’ parent company Penske Entertainment is considering an expansion of its involvement in event promotions with any returning or brand-new venues.
“As we look at new events in the future, will it be that we’re involved in the promotions or operations?” he said. “Either, or, could be. What we have here with Long Beach, [GPALB boss] Jim Michaelian and [event owner] Gerry Forsythe obviously have their hands on this one. It’s not our intention to come in and manage these kinds of events.”
The value of Kalkhoven’s share in the event is expected to far exceed what he paid for it, and while gaining full control of the Grand Prix of Long Beach would be a major coup, RACER has been told in declarative terms that Forsythe will not make the other 50 percent available for purchase.