The Indianapolis Motor Speedway, the IndyCar Series and all of its properties have been sold to Roger Penske's company Penske Entertainment, according to The Associated Press.

With the deal announced Monday, Penske Entertainment Corp. will take over the iconic speedway, which has been in the Hulman family for 74 years, by early next year. The deal is expected be finalized in January, the AP reported.

A copy of an IndyCar memo sent to all team, and obtained by the Associated Press, stated that Penske, "with its 64,000-plus employees and more than $32 billion in consolidated revenue" is set to succeed after the sale.

"Penske Corporation... will bring tremendous energy, leadership and resources to IMS, IndyCar and IMSP," the memo read.

Penske is very open to new ideas when it comes to the track.

"We've got to break some glass on some of these things," he said, according to ESPN. "We've got to try some things. I am prepared to take a risk. No risk, no reward.

Tony George, grandson of Tony Hulman who bought the track in 1945, approached Penske about a deal before the season-ending race in California and worked it all out in six weeks. George was emotional giving up the 110-year-old race track, but felt it was time. 

From ESPN:

"It's obviously emotionally difficult. We all love it and we all care deeply. We all realize that as a family and organization we had probably taken it as far as we can. Roger Penske's resources will only take this to another level."

In order to do the best job with the his new assets, Penske is stepping down as race strategist for his IndyCar team. He does not plan to make any management changes when it comes to his role in the NASCAR stock car series, though.

"I understand the integrity. To me, I know what my job is," he said, according to ESPN. "Hopefully I have enough credibility to ensure that there is not a lot of conflict. I've got a lot of guys watching me."

Penske purchased the Michigan International Speedway in 1973, owns the California Speedway and now runs the Detroit Grand Prix doubleheader IndyCar weekend. The 82-year-old has the most wins as a car owner (18) in Indy 500 history. He received the Presidential Medal of Freedom in October.