Record Prizes Part Of IndyCar TEAM Program
By Paul Kelly
indy500.com
Tuesday, October 2, 2007
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The purse and winner's payout for the 92nd Indianapolis 500 will skyrocket to record totals of at least $13.4 million and $2.5 million, respectively, as part of the IndyCar TEAM: Team Enhancement and Allocation Matrix program announced Oct. 2 by Indy Racing League and Indianapolis Motor Speedway officials.
Both the purse and winner's payout increases will shatter previous records by a wide margin. The purse is a 25 percent larger than the record $10.67 million purse for the 2007 race, while the winner's payout is 42 percent larger than the record winner's prize of $1.76 million awarded to Buddy Rice in 2004.
The 92nd Indianapolis 500 is scheduled for Sunday, May 25, 2008.
"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 Joie Chitwood, president and COO of the Indianapolis Motor Speedway. "The new purse structure for the Indy 500 will help all entries earn more money than ever during the Month of May."
The Indianapolis 500 runner-up could earn at least $1.25 million, a sum larger than every winner's prize for the "500" until 1994. The third-place finisher in 2008 will earn at least $750,000. Fourth- and fifth-place finishing cars will be guaranteed bonuses of $475,000 and $375,000, respectively.
Every driver who races in the 2008 Indianapolis 500 will earn at least $270,000, with full-time IndyCar Series drivers earning at least $300,000. The lowest payout in the 2007 race was $193,305, with 22 of the 33 starters earning less than $270,000.
IndyCar TEAM will award a minimum of $1.2 million to each car entered to compete the entire season, including the Indianapolis 500. The program will provide a financial foundation for new and existing teams committed to running the entire IndyCar Series schedule.
The restructuring of the series' earnings program will create a record number of entries earning at least $1 million in an IndyCar Series season, creating greater depth and financial stability for series' teams.
All contingency prizes, which totaled more than $1.2 million in 2007, will continue to be awarded to entrants/drivers for individual IndyCar Series events, including the Indianapolis 500.
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