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Penske Entertainment CEO Mark Miles and the rest of the senior leadership in charge of the NTT IndyCar Series continue to work on developing their version of NASCAR’s charter system, which is simil…
Penske Entertainment CEO Mark Miles and the senior leadership of the NTT IndyCar Series are working on developing their own version of NASCAR’s charter system, similar to the old CART IndyCar franchise structure. The goal is to give team owners a formal stake in owning the right to participate in IndyCar, similar to other racing series and major sports leagues. The concept is tentatively called the “Leaders Circle Membership” and aims to create asset value for selected teams, allowing them to have something they can sell besides their equipment if they decide to leave. Penske Entertainment engaged team owners in discussions and floated various options and ideas, but consensus has not yet been reached on the specifics of the system. There are still many questions to be answered, including how many cars would be included, whether there would be a fee for participation, and the conditions for selling the membership. The process of establishing the future entry access program is being approached with caution to avoid the challenges faced by IndyCar team owner Michael Andretti in attempting to enter Formula 1.
