IndyCar confirmed its charter system in a news release on Monday. 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 sports, Penske Entertainment Corp. President and CEO Mark Miles said in the release. "I want to extend my sincere appreciation to our team owners for their collaboration and ideation through this process. Ultimately, we're pleased to have a system in place that provides greater value for our ownership and the entries they field."
The charter system is similar to NASCAR, giving teams automatic entry to all races except the Indianapolis 500 and qualifies for the Leaders Circle program, which awards approximately $1 million to the top 22 finishers in the IndyCar series. Teams will be able to sell charters, effectively creating increased value for team owners. NASCAR introduced its system in 2016 with individual charter sales in recent years reported to have ranged from $10 million to $40 million. The initial charter agreements are through the end of 2031, according to the release.
IndyCar news: Penske Entertainment has sent IndyCar owners a charter proposal for formal review, feedback
IndyCar Series charters, by team
A.J. Foyt Enterprises: 2
Andretti Global: 3
Arrow McLaren: 3
Chip Ganassi Racing: 3
Dale Coyne Racing: 2
Ed Carpenter Racing: 2
Juncos Hollinger Racing: 2
Meyer Shank Racing: 2
Rahal Letterman Lanigan Racing: 3
Team Penske: 3
Chip Ganassi said at the season finale that he would cut his team back from five entries to three. Charters were extended based on full-time entries over the previous two seasons, with a maximum of three per team.
Prema Racing is planning to join IndyCar with two full-time Chevy engine entries starting next season and will not be granted charters. There is a maximum of 27 entries allowed per non-Indy 500 race. So if another team adds an entry, it and Prema would compete for two spots in the race.
IndyCar news: Chip Ganassi on IndyCar's new charter system despite losing 2 cars
“When you look back in the modern era of IndyCar racing, you will look at a few important moments, the first being the unification of the sport, the next being Roger Penske buying the IndyCar Series and (Indianapolis Motor Speedway), and I truly believe the third will be the charter system,” Ganassi said in the release.
Michael Shank of Meyer Shank Racing added: “The charter agreement, to me, is the single-most important piece for the future of the series. I’m grateful that we all came together on this and thank the Roger Penske group for working with the team owners for getting it done.”
This article originally appeared on Indianapolis Star: IndyCar announces charter system; no guaranteed Indy 500 entries
