“Then sell the series” - When Michael Andretti reacted to billionaire Roger Penske’s IndyCar charter system proposal 

Michael Andretti was among those who questioned the charter system when it was proposed. It was signed by the ten permanent IndyCar teams earlier this year after back and forth for about a year. Andretti asked IndyCar owner Roger Penske to invest in the series when he was asked about his opinion on the charter system.

Speaking in March 2024 about the charter system, Michael Andretti said, (via IndyStar)

“It was comical. First of all, $20 million isn't going to do anything. You've got to have five times that number -- at least. And it's like, 'Don't take our money, Roger. You bought the series. We don't own the series.”

In response to a further question about the difficulty of the financial demands IndyCar made on the owner, Andretti said,

“Then sell the series. There's people out there willing to do it. I think there's a lot of people on the sidelines thinking, 'This is a diamond in the rough if you do it right.' But what you need is big money behind it to get it to that level, and if he's not willing to do it, I think he should step aside and let someone else buy it.”

2023 Southwire Portland E-Prix - Source: Getty

According to the charter system, each team got a charter for each permanent entry at the cost of $1 Million each. The 10 permanent teams were given a total of 25 charters which were divided based on the full-time cars run by each team over the last 2 years. The charters guaranteed all the entrants a spot in all the IndyCar races, except for the Indy 500. The entrants would have to qualify as the fastest 33 to race in the Indy 500, as has been the tradition for the 500-mile race around IMS.

The IndyCar series name traces its origin back to the marquee event, the Indy 500. Penske bought the Indianapolis Motor Speedway and the IndyCar series from Hulman and Co. in 2019 for a reported amount between $250M and $300M.

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Penske's response to Michael Andretti’s “sell the series” comments

In response to Michael Andretti's comments, Penske Entertainment released a statement.

NASCAR Cup Series Championship - Source: Getty

The statement read, (via IndyStar)

“We have made significant investments since our acquisition that have delivered record metrics for the sport of IndyCar across nearly every area. It has fueled our momentum, and we will continue to invest rationally and strategically to grow the sport."

Roger Penske reportedly spent between $30M-$35M on the Indianapolis Motor Speedway alone after acquiring the series in 2019 despite the impact of the pandemic.

Meanwhile, Penske Entertainment president and CEO Mark Miles referred to a question about the criticism by commenting that it "maybe" was an "echo chamber." He also the organization's "substantial resources," were helping it to maintain growth.