IndyCar announces charter system; no guaranteed Indy 500 participation

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.