IndyCar Feature - IndyCar Introduces TEAM Finances07/10/2007

The IndyCar Series has announced a restructuring of the distribution of its earnings, a move designed to provide financial backing for teams committed to running the entire schedule.

The program, called TEAM: Team Enhancement and Allocation Matrix, will begin in 2008 and will award a minimum of $1.2 million to each car entered to take part in the entire season, including the Indianapolis 500.

In addition to the guaranteed $1.2 million for participation, teams will compete for bonuses of $35,000 for first place, $25,000 for second, $20,000 for third, $15,000 for fourth and $10,000 for fifth place at each race outside of Indianapolis.

"Today's introduction of IndyCar TEAM is an expansion of the Series' Leader's Circle Program and further enhances the value of racing in the IndyCar Series for all of our team entrants," said IRL president Brian Barnhart.

"This is a baseline program designed to increase as the series grows and as we are successful in attracting sponsors and enhancing league revenues."

In conjunction with the announcement, Indianapolis Motor Speedway officials revealed that the purse for next year's Indianapolis 500 race will increase to at least $13.4 million, a 25 percent increase over the 2007 event.

"As the Indianapolis 500 and the Indianapolis Motor Speedway approach some historic milestones in 2009 and 2011, it's only appropriate we strengthen the incentive to compete in 'The Greatest Spectacle in Racing,'" said IMS president Joie Chitwood.

"The new purse structure for the Indy 500 will help all entries earn more money than ever during the Month of May."