For 74 years, members of the Hulman-George family viewed their ownership of Indianapolis Motor Speedway, the Indianapolis 500 and INDYCAR on a much-higher level.

IMS wasn’t property, INDYCAR was more than a sports league and the Indianapolis 500 was an event that was existed long before family patriarch Tony Hulman purchased the track on Nov. 14, 1945.

That is why members of the Hulman George Family looked at their involvement as “stewardship,” not “ownership.”

When Tony George, the former President of the Indianapolis Motor Speedway and current chairman of the board of Hulman & Company, came to the decision the family had taken the Speedway, the 500 and INDYCAR as far as it could, it was time to find the next “steward.”

There was really only one choice: A pick so obvious that George and his sisters Nancy, Josie and Kathy felt it in their heart.

The next “steward” of one of the greatest sporting events on Earth would be the man who is the most successful team owner in auto racing history with 545 total victories, a record 18 wins in the Indianapolis 500, a record 16 NTT IndyCar Series championships and numerous other victories and titles.

That “steward” is Roger Penske, the 82-year-old businessman who epitomize success and excellence.

Monday morning at Indianapolis Motor Speedway, Penske was announced as the fourth owner in the history of the IMS and the Indianapolis 500.

The first ownership group was led by Carl Fisher, along with partners Frank Wheeler, Arthur Newby and James Allison. They built the track in 1909 with the first Indianapolis 500 in 1911.

The second owner was World War I flying ace and former Indianapolis 500 driver Eddie Rickenbacker, who bought the track in November 1927. He was the owner of IMS when it was shut down because of World War II from 1942-45.

Three-time Indianapolis 500 winner Wilbur Shaw saw the condition of the facility after it was shuttered for four years and was appalled. He wanted to revive the Indianapolis 500 and searched for a major investor.

He found that man in Terre Haute, Indiana. It was Anton “Tony” Hulman, owner of the Clabber Girl Baking Powder Company and other businesses. Hulman purchased the track from Rickenbacker on Nov. 14, 1945 for $750,000.

Under Hulman’s leadership, the Indianapolis 500 and Indianapolis Motor Speedway grew into the largest single-day sporting event on Earth. From that point forward, the Hulman George family were stewards of IMS and the 500.

But after 74 years, the family believed it was time to pass the stewardship role to someone who would take it to an even higher level.

“Our process took us to a point where we, as a family, all agreed we needed to have a conversation with Roger Penske,” George said. “I approached him at the final race of the season, not wanting to distract from the task at hand, which was bringing home another championship. I wanted to wish him well on the grid, and I just simply said, I'd like to meet with him and talk about stewardship.

“He got a very serious look on his face and followed up after he clinched his championship with an email and then another email the next morning, and we set it up.

“I invited Mark (Miles, Hulman & Company CEO) to join us for that meeting, and kudos to both organizations who worked very closely together very quickly. They were able to execute around diligence very quickly, and it led to an announcement.

“Not many things are kept under wraps around here, but this was fairly well contained, and we were able to really present this to the world this morning.”

Penske has successfully owned and operated businesses varying from Detroit Diesel to one of the largest automotive groups in the country. He also runs Penskes Truck Rentals.

Penske is most successful, however, as a sportsman in auto racing. He attended his first Indianapolis 500 as a 14-year-old with his father in 1951. He would later become an outstanding race driver before retiring from racing and becoming the most successful team owner in racing history.

Penske understands the importance of taking over the guidance of the Indianapolis 500, IMS and INDYCAR.

It’s called “stewardship.”

“I've got a big commitment here to take over certainly as the steward of this great organization and what's been done here in the past for so many decades,” Penske said. “It's my commitment to the Hulman family. The fact that you would select us is an opportunity to take on this investment, it's amazing, and I just want to thank Tony and everyone else that's been involved in this.”

Penske’s nickname is “The Captain” and he is now at the helm after the wheel was turned over to him by the Hulman-George family.

“We're just fortunate that our family and our family business has had a 73-year run being part of it and being a steward,” George said. “We continue to be grateful for the opportunity.”