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Indianapolis is the 500-mile race. AJ Foyt once said, “If it weren’t for the Indianapolis 500, none of you would have ever heard of me.” The same could be said about Indianapolis.
IndyCar confirmed its charter system in a press release on Monday. The owners of 10 teams have accepted the 25 charters offered by the series.
“This is an important development that demonstrates an aligned and optimistic vision for the future of our sport,” said Mark Miles, president and CEO of Penske Entertainment Corp. in the release. “I want to extend my sincere thanks to our team owners for their collaboration and brainstorming throughout this process. Ultimately, we are pleased to have implemented a system that provides greater value to our owners and the participants they field.”
The charter system is similar to NASCAR’s, giving teams automatic entry to all races except the Indianapolis 500 and qualifying them for the Leaders Circle program, which awards approximately $1 million to the top 22 drivers in the IndyCar Series. Teams can sell charters, which adds value to team owners. NASCAR introduced its system in 2016, with individual charter sales reportedly ranging from $10 million to $40 million in recent years. The first charter contracts will run through the end of 2031, according to the press release.
IndyCar News: Penske Entertainment has sent a charter proposal to IndyCar owners for formal review and feedback
IndyCar Series charters by team
AJ Foyt Company: 2
Andretti Global: 3
McLaren: 3
Chip Ganassi Racing: 3
Dale Coyne Race: 2
Ed Carpenter Race: 2
Juncos Hollinger Racing: 2
Meyer Shank Race: 2
Rahal Letterman Lanigan Racing: 3
Team Penske: 3
Chip Ganassi said at the season finale that he would reduce his team from five to three participants. Charters were renewed based on the full-time participants from the last two seasons, with a maximum of three per team.
Prema Racing plans to enter the IndyCar series with two full-time Chevy engines starting next season and will not receive charters to do so. A maximum of 27 entries are allowed in any non-Indy 500 race, so if another team adds an entry, it and Prema would be competing for two spots in the race.
IndyCar News: Chip Ganassi on IndyCar’s new charter system despite losing two cars
“If you look back at the modern era of IndyCar racing, you’ll recognize several key moments: The first was the unification of the sport, the next was Roger Penske’s purchase of the IndyCar Series and (Indianapolis Motor Speedway) and I firmly believe the third will be the charter system,” Ganassi said in the release.
Michael Shank of Meyer Shank Racing added: “For me, the charter agreement is the most important building block for the future of the series. I am grateful that we all agreed to this and thank the Roger Penske Group for working with the team owners to make this possible.”
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