The recent announcement that Fox Corporation has acquired a one-third stake in Penske Entertainment, the parent company overseeing the NTT IndyCar Series and the iconic Indianapolis Motor Speedway, has sent shockwaves through the motorsports world. What was presented as a strategic partnership to fuel growth in open-wheel racing has now drawn intense scrutiny, with reports emerging that IndyCar President Doug Boles—along with key figures in the organization—has officially entered a fraud investigation tied to Roger Penske’s sale of shares to Fox.
The development follows a tumultuous period for IndyCar, marked by prior controversies, and has left fans reeling as a series of purported evidences surface online and in fan discussions.
In late July 2025, Penske Entertainment and Fox Corporation jointly announced the deal, which saw Fox purchasing a 33% interest in the entity that Roger Penske has controlled since acquiring the assets in 2019. The transaction, reportedly valued between $125 million and $135 million according to sources familiar with the matter, also included a multi-year extension of IndyCar’s media rights agreement with Fox Sports. Roger Penske himself described the move as one “built on long-standing trust and a shared vision for the future,” emphasizing Fox’s belief in the sport’s potential and its desire to contribute actively to its expansion.
Team owners within the IndyCar paddock largely welcomed the news, viewing it as a positive step toward increased visibility, sponsorship opportunities, and overall growth amid competition from other racing series.
The partnership appeared to address lingering questions about succession planning for the Indianapolis Motor Speedway and the series, given Penske’s age and the need for sustained investment. Fox’s involvement was seen by many as a stabilizing force, especially after viewership gains in 2025, where races averaged 1.486 million viewers through the early part of the season—a 31% increase from the prior year—and the Indianapolis 500 drew its strongest audience since 2008 at 7.05 million viewers.
Industry voices praised the alignment between a major media conglomerate and a premier racing property, suggesting it could elevate production values, digital reach, and global exposure.
However, the optimism quickly soured as allegations of impropriety began circulating. Claims surfaced that the share sale involved irregularities, potentially constituting fraud, prompting an official investigation into IndyCar’s leadership, including President Doug Boles. While details of the probe remain limited and no formal charges have been confirmed publicly, the inquiry reportedly stems from concerns over transparency in the transaction process, valuation accuracy, and possible conflicts of interest given Penske’s multifaceted role as series owner, team owner, and seller.
Some online sources and fan forums have amplified these claims, pointing to “a series of evidences” such as leaked documents, discrepancies in financial disclosures, or insider accounts suggesting the deal may not have followed standard governance protocols for a publicly scrutinized entity like IndyCar.
This development is particularly jarring in light of IndyCar’s recent history of scandals. Earlier in 2025, Team Penske—Roger Penske’s own racing outfit—faced a high-profile cheating controversy during Indianapolis 500 qualifying, involving illegal modifications that led to penalties, the dismissal of top executives including president Tim Cindric, and public apologies from Penske himself, who admitted the organization had “let people down” and damaged the sport’s integrity. That incident reignited longstanding debates about conflicts of interest, as Penske simultaneously owns the series, the premier venue, and a competing team.
Discussions about greater independence in governance, inspections, and race control had already been underway, involving former and current leadership figures.
Fans’ reactions to the latest twist have been extremely shocking and deeply divided. On social media platforms, IndyCar communities have erupted in a mix of outrage, disbelief, and calls for accountability. Many longtime supporters express betrayal, arguing that the sport’s credibility is once again under threat just as it seemed to be gaining momentum under Fox’s broadcast umbrella. Comments range from demands for full disclosure and independent audits to fears that the investigation could destabilize the series at a critical juncture.
Some fans defend Penske, highlighting his decades of contributions to motorsports and viewing the probe as potentially motivated by rivals or misinformation. Others speculate about broader implications, including whether Fox might reconsider its investment if the allegations gain traction or if regulatory bodies become involved.
The timing could not be worse for IndyCar, which has worked diligently to rebuild momentum after shifts in media partners and prior controversies. The Fox partnership was intended to usher in a “new era of growth,” with enhanced production, marketing, and fan engagement. Instead, the investigation has cast a shadow over these ambitions, raising questions about leadership stability and the long-term health of the sport. As details continue to emerge, stakeholders—from team owners and drivers to sponsors and broadcasters—will be watching closely.
IndyCar has yet to issue a comprehensive official statement on the investigation beyond acknowledging its existence in limited communications, leaving much to speculation.
For now, the motorsports community remains on edge. What began as a celebratory business deal has evolved into one of the most contentious chapters in recent IndyCar history. Fans, once hopeful for a brighter future, now grapple with disappointment and uncertainty. Whether the investigation clears those involved or uncovers deeper issues, its outcome will likely shape the trajectory of the series for years to come. In a sport defined by speed and precision, the need for transparency and trust has rarely felt more urgent.
