Team Penske: 2024 Net Worth, Stats, Owners and More

 What is Team Penske?

When it comes to multi-tasking, there are very few teams that do it like Team Penske. Formerly known as Penske Racing, it is one of the most successful teams in motorsports and has competed in various tourneys ranging from Australia's Supercars Championship and Formula One to the NASCAR Cup Series, the IndyCar Series, the IMSA SportsCar Championship and the FIA World Endurance Championships. Currently, it is a major competitor in NASCAR's top division and two of its three Cup drivers have already clinched championship titles with the team. Apart from that, the team has also won 44 national championships across various divisions, including 17 in the IndyCar racing series.

 The History of Team Penske

Team Penske has an elaborate history in motorsports, dating back several decades. The team debuted in the 1966 24 Hours of Daytona. And, only two years later, it made its IndyCar debut at the Indianapolis 500 race with Mark Donohue. Subsequently, Team Penske made its Cup Series, Xfinity Series, and Truck Series debut in 1972 (Riverside International Raceway), 1997 (Auto Club Speedway, Fontana), and 1996 (Portland) respectively.

While the team has attained an iconic status in its own right, even its owner has a plethora of achievements to showcase throughout his elaborate career. Roger Penske, who started his stint in motorsports behind the steering wheel in the late 1950s-early 1960s, soon realized that his true calling was in being an entrepreneur. What started as a single Chevrolet dealership in Pennsylvania is now a multibillion dollar corporation that houses a dozen ventures, including a Cup Series team.

Penske Corporation's founder and Chairman, Roger Penske had a fairly short stint as a racecar driver. However, he succeeded in leaving his mark and was even named Sports Car Club of America Driver of the Year in 1961 by Sports Illustrated.

Why is the team named Team Penske?

It's safe to say that Team Penske has become a familiar entity in NASCAR the last few years. However, it used to have a different name back in the day. Known as Penske Racing, the team finally decided to change its name to Team Penske in 2014 in a bid to bring its NASCAR and IndyCar operation under the same brand name.

The Cup Series team has a long history of name alterations. Initially, it used to be known as Penske Racing South to set it apart from its open-wheel and sports car racing operation. Then from 1998 to 2001, when German racing driver Michael Kranefuss merged his own racing team with that of Penske's, Penske-Kranefuss Racing was the official name used. Further ahead, in 2004 and 2005, there was another name change with Penske-Jasper Racing taking the cake after Roger Penske bought a share of the team Jasper Motorsports.

Team Penske’s Net Worth 2024

Having been in various businesses for so long, Roger Penske has literally amassed a billion-dollar empire over the years. As per business magazine Forbes, the team owner has a personal wealth of $4 billion as of February 2024, and currently ranks 763 on the world's richest list. Reportedly, the entrepreneur employs over 50,000 people globally and generates a staggering revenue of more than $22 million per year.

Apart from that, the team boasts a net worth of $152 million and is among the Top-10 richest teams in NASCAR as of February 2020. Team Penske had reportedly generated around $22 million in winnings, $76 million in revenue and $3 million in operating income up until that period.

Additionally, Roger Penske also has various ventures he likes to invest in. The team owner, over a decade ago, took his entrepreneurial journey to Australia, where he bought Western Star Trucks Australia (WSTA), the commercial vehicles division of Australia’s Transpacific Industries, for a reported $200 million. Later, in 2014, the Penske Automotive Group (PAG) also completed the acquisition of MTU Detroit Diesel Australia from Daimler AG and MTU Friedrichshafen. According to a press release, the acquisition was expected to contribute an estimated $225-$250 million in annual revenue to PAG.

Team Penske’s Racing Drivers

Currently there are 16 drivers who race under the team across the NASCAR Cup Series,the NTT IndyCar Series, the IMSA WeatherTech SportsCar Championship and the FIA World Endurance Championship. Among these, the drivers representing the team in NASCAR's top division are 2024 Cup Series Champion Ryan Blaney (#12), 2018, 2022 Cup Series Champion Joey Logano (#22) and 2020 Xfinity Series Champion, 2022 Daytona 500 winner Austin Cindric (#2).

After a five-year stint at Joe Gibbs Racing, Joey Logano joined Team Penske to pilot the No. 22 Shell/Pennzoil-sponsored Ford. In his very first season with the team, the driver secured three Top-5s including a win at the New Hampshire Motor Speedway and ultimately finished 20th in the drivers' standings. Logano has experienced an upward graph during his time here. After all, ten playoff appearances and two Cup Series championship are no small a feat.

As for Ryan Blaney, he joined the team only a year after Joey Logano did. However, he moved to Wood Brothers Racing and competed for them in 2015, 2016 and 2017. But, soon, an old partnership knocked on the door and he moved back to his Team Penske ahead of the 2018 season. Apart from a championship win, Blaney has also been able to garner other accolades such as the 2023 Coca-Cola race win, the 2022 All-Star Race win and the 2o21 Coke Zero Sugar 400 win, among others, with Team Penske.

The team's third Cup driver Austin Cindric made his way to the Roger Penske-owned team in 2017, competing for them in the Xfinity Series. He then set foot in NASCAR's top division in 2019, mainly as a substitute driver for Brad Keselowski and Michael McDowell. In 2021, Cindric officially started racing on a part-time basis for the team and went onto make his full-time debut in 2022.

Team Penske Partnerships and Endorsements

Team Penske boasts a long list sponsors, some of which have even stayed with the team for over four decades. Heavy-duty truck manufacturer Freightliner has been one of the oldest collborators alongside tool and equipment manufacturer Snap-on and paint and coating manufacturing company PPG.

Other partners of the team include manufacturer of productive machine tool Mazak and drink and brewing company Molson Coors, who have been with Team Penske for over 30 years. Among the comparatively younger partners are Coca-Cola, Hitachi, Capgemini, Menards, petrochemical company Shell-Pennzoil, insurance company Auto Club Enterprises, automotive aftermarket parts provider Advance Auto Parts, Autotraders and Hunt Brothers Pizza. Congressionally chartered veterans service organization Paralyzed Veterans of America has also been a partner for over a decade.

Team Penske Investments

It wouldn't be an understatement to say that the Penske Corporation has emerged to be an empire. Over the years, the company has widened its reach far beyond the borders of the US. Recently, in May 2020, the Penske Automotive Group acquired Western Star Trucks Australia, a commercial vehicles distributor, for an approximate purchase price of $200 million. Upon the closure of the deal, Roger Penske had said, "Western Star Trucks provides us with an attractive gateway to enhance our global business profile. Strong market dynamics, multiple growth options and one of the largest and well-established dealer networks in Australia and New Zealand enhance the business opportunity."

The first venue to be called a 'speedway', the Indianapolis Motor Speedway is like a racing fan's heaven. The iconic racetrack was constructed in 1909 and is the third-oldest permanent automobile race track in the world. Originally owned by entrepreneur Carl G. Fisher, the venue has seen quite a change of hands over the years. However, in November 2019, Roger Penske purchased the motor racing circuit from then owners, Indiana's Hulman-George family, ending their 74-year long ownership legacy.

Apart from the NASCAR Cup Series, Team Penske is also a team owner in the IndyCar Series backing three drivers, namely Will Power, Josef Newgarden and Scott Mclaughlin. Apart from that, the team also fields Nick Tandy, Matheiu Jaminet, Dane Cameron and Felipe Nasr in the IMSA WeatherTech SportsCar Championship. As for the FIA World Endurance Championship endevor, Matt Campbell, Michael Christensen, Frederic Macowiecki, Kevin Estre, Andre Lotterer and Laurens Vanthoor represent Team Penske.

Team Penske Major Achievements and Awards

Cup Series drivers Joey Logano and Ryan Blaney have brought Team Penske the kind of success they were looking for. With Logano's 2022 Cup Series triumph and Blaney's 2023 one, the team joined an elite list alongside Hendrick Motorsports, RFK Racing, Richard Childress Racing, Junior Johnson & Associates, Petty Enterprises, Holman-Moody, and Bud Moore Engineering as the only teams in the 75-year history of NASCAR to clinch back-to-back in the NASCAR Cup Series.

But even before these two decorated and talented drivers graced the hot-seat at Team Penske, another driver took the team to newer heights. The racer in question is the current Roush-Fenway Keselowski Racing team owner Brad Keselowski, who used to drive for Roger Penske from 2010 to 2021. The then No. 22 driver made history when clinched the first NASCAR championship in Penske Racing history in the NASCAR Xfinity Series.

As for the team's other achievements, Team Penske has won 142 NASCAR Cup series races till date. Additionally, it also has 81 race wins in NASCAR's second division and 235 wins in the IndyCar series.

Team Penske and Formula 1

Roger Penske has even tried his hands at Formula One, having been a part of the tourney from 1974 to 1976. In their three-year stint, the team entered in 41 races and even went on to win in one. In the 1976 Austrian Grand Prix, British driver John Watson won the race driving a Penske-Ford after beating the likes of Jacques Laffite, Gunnar Nilsson, James Hunt and one of the most successful racers in motorsports history, Mario Andretti.

Team Penske and the Rolex 24 Hours at Daytona

Team Penske is not complete without mentioning the 24 Hours at Daytona. After all the team made its debut in motorsports at this very division in 1966 and even won the GT Class in their first ever race. Additionally, Roger Penske got his first overall victory in this car endurance race in 1969 with Mark Donohue and Chuck Parsons. What's even more noteworthy is the fact that Chuck Parsons was merely a substitute driver for the team after their original driver Bucknum fractured his finger in a motorcycle accident before the race.

The team also won the 2024 Rolex 24 Hours at Daytona. They snapped a 54-year losing streak after Felipe Nasr held off defending race winner Tom Blomqvist in the final 45 minutes of the race.

Team Penske and Indianapolis 500 

Even in the Indianapolis 500, one of the prestigious races in the US, Team Penske has upheld its dominance. With 19 victories, the team has  the most Indianapolis 500 victories of any team in auto-racing history. However, in 1981, a controversy erupted involving the team's Indy 500 driver Bobby Unser. The debacle unfolded on Lap 140 of the race when both Bobby Unser and Mario Andretti were exiting the pit area. Unser had reportedly passed 11 cars under a yellow flag, which is illegal. Subsequently, the driver was punished with a one-position penalty with Andretti being declared the winner. However, after a lengthy appeal and deliberations, the driver was reinstated as the 1981 Indy 500 winner fined $40,000.

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