Forsythe began his career as a car owner in 1983, fielding an entry for Teo Fabi in the CART PPG Indy Car World series. Fabi achieved four wins and six poles, including pole for the Indianapolis 500, and finished second in the series points standings. Forsythe sold his team in 1985 to focus on his other businesses.
He returned to auto racing in 1993, partnering with Barry Green to establish Forsythe/Green Racing in the Toyota Atlantic Championship. Backed by Canadian tobacco company Player's, Ltd., the team's drivers, Claude Bourbonnais and Jacques Villeneuve, finished second and third in the points standings, respectively. In 1994, the team moved to the Indy Car World Series with Villeneuve, who had an immensely successful season, winning Rookie of the Year honors.
In 1995, Forsythe resumed full ownership of his race team, retaining Player's as his sponsor. He chose to align with Championship Auto Racing Teams (CART) over Tony George's Indy Racing League during the IndyCar series split. Notable drivers who competed for him included Greg Moore, Patrick Carpentier, Alex Tagliani, Paul Tracy, and A. J. Allmendinger. The team's most successful season was in 2003, when Paul Tracy won seven races and secured the final CART championship. Following the 2003 season, Forsythe, Kevin Kalkhoven, and Paul Gentilozzi acquired CART's assets to create the Champ Car World Series. His team, renamed Forsythe Championship Racing after losing Player's sponsorship due to Canadian anti-tobacco legislation, joined the new series. Subsequently, Forsythe and his partners purchased Cosworth, CART's sole engine supplier. In 2006, Forsythe and Kalkhoven formed the Grand Prix Association of Toronto to acquire control of the Molson Indy Toronto and the Long Beach Grand Prix)-circuit). On March 28, 2024, Forsythe announced he would consolidate his ownership of the Long Beach Grand Prix by purchasing the remaining 50% from Kalkhoven's estate.
Forsythe expanded into track ownership in 1999, acquiring facilities in Monterrey and Mexico City, Mexico, in partnership with CIE, and purchasing a stake in the Rockingham Motor Speedway in England.
During the Champ Car/IRL merger in early 2008, Forsythe intended to merge his team with former RuSPORT owner Dan Pettit to form Forsythe/Pettit Racing. However, Forsythe ultimately decided to fold his team rather than compete in the merged series, citing "lack of sponsorship." Sources point to his long-standing feud with Tony George, President of the Indianapolis Motor Speedway and founder of the IRL, as the true reason for not competing in the new IndyCar Series.
Jerry Forsythe is recognized for his significant collection of coins, particularly his ownership of the finest 1913 Liberty Head nickel, known as the Eliasberg Specimen. This coin is part of his top-ranked mint state and proof Liberty Head nickel sets, as ranked by the PCGS Set Registry. He has assembled leading sets in various denominations, including shield nickels, liberty head nickels, buffalo nickels, Mercury dimes, walking liberty half dollars, and Indian head $10 gold coins. Forsythe is a PCGS Set Registry Platinum Award Winner for his buffalo nickel and walking liberty half dollar sets, and a Gold Award Winner for his liberty head nickel, Mercury dime, and Indian head $10 gold sets. He also maintains a "low ball" set for buffalo nickels. In 2019, PCGS acknowledged Forsythe as a "distinguished numismatist" and credited him with designing the PCGS Rarities Holder.
Forsythe is the chief shareholder, chairman, and CEO of the Indeck Companies, which encompass Indeck Power Equipment Company, Indeck Energy Services, Inc., and Indeck Operations. Indeck Power Equipment focuses on the rental, lease, and sale of steam power, while Indeck Energy Services, Inc. develops, owns, and operates cogeneration and independent power projects across North America. Indeck Operations manages the company's plants and those of other firms. The Indeck logo was prominently displayed on Forsythe's Champ Cars before he opted out of the unified IndyCar Series in 2008.
He is also involved in cattle ranching and farming, maintaining a farm in his native Marshall, Illinois. In 2008, Forsythe constructed a private residence in Inverness, Illinois, measuring 24,884 square feet, which was the largest single-family residence in Cook County, Illinois at the time of its construction. On July 31, 2009, Forsythe purchased Garland Resort in Lewiston, Michigan, a 3,000-acre property featuring four 18-hole golf courses and the largest log lodge east of the Mississippi River. In 2011, Forsythe acquired Blue Harbor Resort in Sheboygan, Wisconsin, a lakeside resort and spa noted as the largest resort on Lake Michigan. Modeled after the Hotel del Coronado, it offers various rental configurations for hotel rooms and condos, with a 54,000 sq. ft. indoor water park as its main attraction.
Forsythe contributed to Donald Trump's 2020 reelection campaign, with his name misspelled in the filing.
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