Indianapolis Motor Speedway Museum launches $89M campaign, plans major transformation

Exhibits will be reorganized at the redesigned museum. (Rendering courtesy of Indianapolis Motor Speedway Museum)

The Indianapolis Motor Speedway Museum launched the public phase of an $89 million fundraising campaign Tuesday, with plans to spend the money on a major renovation and create an endowment to support future investments. Officials said the project will result in a “complete transformation of the museum’s exhibits and experiences.”

The overhaul of the nearly 100,000-square-foot museum—which will include a fully remodeled interior with a new mezzanine level and separate exhibit spaces, along with an educational area—is the first since the venue opened at 4750 W. 16th St. in 1976. The renovation will include extensive mechanical and air system upgrades and require the museum to close for nearly a year-and-a-half.

The quiet phase of the “Stories Behind the Spectacle” fundraising campaign has so far raised $46 million for the not-for-profit, which operates independently from the IMS—albeit in a building owned by speedway owner Penske Entertainment.

The gift so far include a $20 million grant from Indianapolis-based Lilly Endowment Inc. earmarked for educational uses; $10 million from Mary and Randy Rogers; and $5 million from the Dyson Family Foundation, founded by museum board chairman Robert Dyson.

The Borchetta, Rahal and Curb families also made donations during the in the silent phase of fundraising.

Joe Hale, executive director of the museum since early 2021, told IBJ that when he was chosen to lead the institution, “the charge was to reimagine the museum from top to bottom.”

He said while previous efforts to revitalize the property—including as recently as 2018—didn’t get off the ground, there’s long been an acknowledgement that the museum doesn’t play a pronounced role in the Indianapolis arts and culture landscape.

“I think that we realized that it just wasn’t a museum of the 21st century, in terms of providing that interactive and immersive, entertaining and educational experience that so many people expect from museums,” he said. “But we’ve done our homework.”

About $64 million of the new campaign is expected to go toward the interior transformation of the museum, including infrastructure and technology improvements. The updated facility will have seven permanent and three rotating galleries, including a new gallery featuring Penske’s race cars. It will also offer a racing simulator and hands-on experiences, including a pit stop competition area that will let visitors make use of tools used on race day.

The Indianapolis Motor Speedway and Penske Entertainment, which also owns the IndyCar Series, is expected to donate to the campaign, but Hale declined to disclose additional information.

Of the money allocated for improvements to the museum, about $20 million will be used to create a dedicated educational curriculum and new programs, along with a space in the building focused on science, technology, engineering, art and math learning.

Hale said he hopes the organization will be able to partner with other community organizations, such as the 500 Festival, the Children’s Museum of Indianapolis and Newfields, to bolster educational opportunities centered on the speedway and its history.

“The IMS Museum [hasn’t always been] part of the cultural community of Indianapolis,” he said. “We want to change that, and … be part of that cultural conversation that goes on.”

The museum is expected to temporarily close as part of the renovation project, starting in October with the closure of the basement exhibit spaces. In November, the entire museum will close until April 2025, when the revamped experience will debut ahead of the 109th running of the Indianapolis 500.

Aside from the money put toward the renovation, about $15 million of the capital campaign will go toward a new restoration facility somewhere within a five-minute drive from the museum, although Hale declined to disclose a specific location. The renovation space would be built in a second phase and allow those who take tours of the museum to see restoration work be completed in real time.

The museum will also put $10 million toward a new endowment.

“This endowment … allows us to potentially fund this organization—whether it be exhibitions, development, or operations,” said Jason Vansickle, vice president of curatorial and education at the museum. “If there is an opportunity to acquire things, we’re still going to rely heavily on donations. But the endowment does offer opportunities for other means if needed.”

Hale said there weren’t any considerations to move the museum away from the track. The museum is not charged rent by IMS for the 97,000-square-foot building, which also houses storage areas and its administrative operations. The entity also is able to give tours of the speedway as part of its admission packages.

The architect on the project is Indianapolis-based Schmidt Associates, while Shiel Sexton, also based in Indianapolis, is the lead contractor. Cincinnati-based destination advisory firm JRA is a consultant on the project, while Greenwood company Johnson, Grossnickle and Associates is consulting for the museum on its fundraising campaign.

Correction: This story has been corrected to reflect that the Indianapolis Motor Speedway Museum building is about 100,000 square feet. About 40,000 square feet of that is exhibit space. See more corrections here.