*Racing legend Roger Penske, the founder and chairman of Penske Corporation and owner of INDYCAR, is putting millions behind First Lady Melania Trump’s Fostering the Future initiative.
Penske and FOX Corporation announced the $2 million scholarship partnership Thursday in the White House Rose Garden, to provide educational opportunities for young people transitioning out of foster care at Indiana University and Purdue University. The partnership expands Fostering the Future to 26 universities nationwide.
Penske called the moment especially meaningful as America celebrates its 250th anniversary. The first lady said investing in children is more important than investments in technology or the capital markets because it represents an investment in America’s future.
Four INDYCAR drivers also presented Mrs. Trump with a specially designed commemorative helmet featuring her Be Best and Fostering the Future initiatives.
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The presentation came just days before the historic Freedom 250 Grand Prix, the first INDYCAR race on Washington streets. The race takes place Sunday, August 23, with cars racing past the Capitol and National Mall at speeds approaching 200 miles per hour.
President Trump looked on with pride as the first lady made the announcement. He praised the IndyCar drivers as “extraordinary figures” and said the event will make “freedom roar like never before.”
Trump also emphasized the patriotic spectacle of the race, highlighting that cars will reach more than 190 mph down Pennsylvania Avenue and that the event represents an “awesome display of American patriotism and raw horsepower.”
He will do an honorary lap in The Beast and wave the green flag to start the race.
As for the prize, the Freedom 250’s specific winner’s purse has not been publicly announced in the s. The 2026 Indianapolis 500 had a record $30.9 million total purse, with winner Felix Rosenqvist receiving $4.34 million.
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