After Decades of Leading Penske, Roger Penske Announces Step Down as Bubba Wallace and Denny Hamlin Partner to Take Over Ownership
In a monumental shift for NASCAR, Roger Penske, the iconic owner of Penske Corporation, announced his decision to step down from the day-to-day operations of his racing empire, marking the end of an era that has spanned more than five decades. Penske, who has been synonymous with success in motorsport and business, revealed that his retirement would pave the way for a new era of leadership in the sport, one led by none other than NASCAR stars Bubba Wallace and Denny Hamlin, who are entering into a historic partnership to become co-owners of the Penske racing team.
The announcement shocked the racing world, as Penske has been at the helm of his racing team since its inception, overseeing countless victories and championships. His name is virtually synonymous with racing excellence, and his Penske Racing team has achieved legendary status with 18 championships in multiple series, including NASCAR, IndyCar, and IMSA. Penske has always been a visionary, known for his meticulous approach to both racing and business, and his departure from the organization he built represents a significant shift in NASCAR’s landscape.
Roger Penske, now 88 years old, has long been a towering figure in motorsport, having built an empire that spans beyond racing, with ventures in automotive manufacturing, logistics, and other industries. However, in his statement, Penske indicated that the time had come for him to focus on personal priorities and to pass the torch to a new generation of leaders.
“For the past 50 years, I’ve had the privilege of being part of something truly special with Penske Racing,” said Roger Penske in a press release. “Now, after much thought and reflection, I feel it’s time to step away from the everyday responsibilities of the team. I am thrilled to announce that Denny and Bubba will take over ownership, and I am confident they will continue to build on the legacy we’ve created.”
The transition will see Bubba Wallace, one of the most prominent African American drivers in NASCAR history, join Denny Hamlin, a veteran driver and team owner, as the co-owners of Penske Racing. The move comes as no surprise to many within the NASCAR community, given the rising influence and success of both Wallace and Hamlin in recent years. Wallace, who made history as the first Black driver to win a NASCAR Cup Series race in over 50 years, has become a trailblazer, not only for his on-track success but also for his efforts to bring diversity and inclusion to the sport. Hamlin, a seasoned driver with multiple Cup Series wins, has been a significant force in NASCAR both as a driver and an entrepreneur, owning his own racing team, 23XI Racing, alongside NBA legend Michael Jordan.
“I am honored and excited to be part of this new chapter in NASCAR,” said Bubba Wallace. “Roger Penske has been a mentor and an inspiration to me, and to now have the opportunity to carry on his legacy alongside Denny is something I never dreamed of when I started in this sport. Our goal is to continue pushing the boundaries of racing while making sure the sport remains accessible and inclusive to all.”
Denny Hamlin echoed Wallace’s sentiments, stating, “Roger has created something special with Penske Racing, and we have big shoes to fill. But we’re ready for the challenge. Bubba and I are both passionate about the sport and the future of NASCAR, and we are committed to maintaining Penske’s legacy of excellence while also taking the team into the next era.”
The move to bring Wallace and Hamlin into the fold as co-owners signals a shift in NASCAR’s culture and business model, with the sport’s next generation of leaders now taking charge. The partnership represents not only the changing of the guard in terms of ownership but also a growing recognition of the importance of diversity and inclusion in motorsports.
Wallace and Hamlin’s partnership is expected to continue Penske Racing’s tradition of success, while also introducing new ideas and strategies, particularly in terms of attracting younger fans and promoting a more inclusive image of the sport. With NASCAR’s fan base evolving and expanding, the dynamic duo is poised to bring a fresh perspective to a sport that is rapidly changing in the 21st century.
For Roger Penske, his legacy is already secure, and he will continue to be involved in the sport in a more advisory role. While he may no longer lead Penske Racing, his influence will undoubtedly remain a guiding force in the future of NASCAR. As Penske steps down, the stage is set for a new era under the leadership of Bubba Wallace and Denny Hamlin, who are ready to carry the torch forward with a shared vision of success, inclusivity, and innovation.
