Colton Herta and Pato O'Ward's $4M+ salaries become public as IndyCar team boss laments rising costs

Mike Shank, the co-owner of IndyCar team Meyer Shank Racing, has revealed the salaries of two of IndyCar's most popular drivers, Colton Herta and Pato O'Ward. Shank's frank revelation came when he was speaking about the rising costs in IndyCar and how driver's salaries are on the up again after declining for a solid decade.

Both Herta and O'Ward are considered champions of the future. The former is IndyCar's youngest race winner, and the latter is the series' most popular driver. In December 2023, Colton Herta re-signed with Andretti Global on a four-year deal and was immediately on the money in 2024. The American recorded a career-best standings finish - runner-up to champion Alex Palou.

Pato O'Ward, who renewed his Arrow McLaren contract for two years in March 2024, similarly recorded a career-best season in terms of race wins with a series-high three victories in 2024. Reportedly, he earned $10.2 million for the new contract.

Michael Shank's recent admission to RACER confirms the reports of O'Ward's salary and also shines a light on what Herta and six-time IndyCar champ Scott Dixon earn.

"IndyCar salaries took a big dip over the last 10 years, except for a couple of elite guys like Scott Dixon. So now it’s coming back. It’s crept back up and there’s no competing with it. (Colton) Herta’s over $5 million a year. (Pato) O’Ward, $4-$5 million a year. Scott’s close to that," Shank said.

As per certain reports, Herta's latest contract earned him $7 million, which also took into account his potential move to the Cadillac F1 team, which is backed by Andretti Global.

When Colton Herta admitted he would race for "free" in IndyCar

AUTO: MAR 04 INDYCAR Series Streets of St. Petersburg - Source: Getty

The IndyCar world was taken aback when Andretti Global retained Colton Herta on a mega four-year deal. While his talent is undeniable, with nine race wins and 14 pole positions at 24 of age, such long contracts are a rarity among motorsport drivers.

It was reported that he became one of the highest-paid drivers on the current grid, and various monetary figures were flung around. To end the rumors, Herta clearly explained how he doesn't care for the money and would do it for a minimum salary or even for free.

"I don’t know what everybody is making, so I can’t answer that. I’ve seen everything from I’m the highest paid to the fourth-highest paid. But it doesn’t matter. This is a job I would do for free. Even if I was making a hundred grand, I’d be happy," he said via AP news.

Colton Herta goes into the 2025 season as one of the biggest title contenders alongside defending champ Alex Palou, Pato O'Ward, and Team Penske's Scott McLaughlin. The 2025 season begins on March 2 at St. Petersburg.