IndyCar to develop NASCAR-esque charter system amidst evolving series landscape

IndyCar is set to develop a charter similar to NASCAR, which would grant team owners a formal stake in the series.

The development is poised to reshape the landscape of IndyCar racing. It could introduce a business model where team owners have property rights and asset values in the series.

The proposed charter system is a response to changing dynamics in motorsports and is expected to impact the future entry access program and overall governance of the sport. Currently, the traditional Leaders Circle contracts act as the primary mechanism for teams to engage with the series.

The proposed charter system aims to offer a more comprehensive and structured approach, potentially altering the way teams participate and engage with IndyCar. It also involves accommodating a maximum of 27 entries on the grid.

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IndyCar CEO explains new charter system similar to NASCAR's

IndyCar CEO Mark Miles provided insights into the proposed NASCAR-like charter system. Speaking to RACER, he highlighted the intention to establish a more formalized structure that goes beyond the existing Leaders Circle:

"Maybe we ought to call it the ‘Leaders Circle Membership. As far as I know, the Leaders Circle is kind of our thing. Our people know what it is, currently suggests a certain number of participants in it."

This move is aimed at providing teams with tangible assets, allowing them to have something of value to sell should they decide to exit the series. Miles continued:

"The idea is to create, whether it’s through contracts or some other system of agreements, for the selected teams that obviously are the stellar teams that have had substantial commitments to IndyCar racing and been successful, for them to have more of a property right, more of an asset value."

Mark Miles revealed that discussions regarding the development of this new business structure have been ongoing, with talks involving the owners of all IndyCar teams:

"We had another round of conversations almost a month ago. We spoke to the owners of all the teams individually. We’ve floated some options and ideas where you could choose, which ones you liked or didn’t like, and I think we’re still a way off from having a clearer consensus that we feel like we need to pull the trigger on. There’s lots of questions."

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It remains to be seen if the proposed NASCAR-like charter system impacts IndyCar's future entry access program and overall governance of the sport.