The Indianapolis Motor Speedway will need far more money than it will get from a proposed state tax subsidy if it hopes to be in the top tier of U.S. racing venues, sports business experts said.
I don’t begrudge the Speedway asking for help. But will there be additional return on investment?
The Indiana Senate Appropriations Committee on Thursday morning unanimously passed a bill that would capture state tax money generated at the Indianapolis Motor Speedway and give it back to the track to improve the facility.
Nearby businesses hope upgrades to the Indianapolis Motor Speedway from a proposed state taxing district would pave the way for additional offerings at the venue, including night racing.
A state senator plans to introduce a bill creating an Indiana Motorsports Investment District that would capture state sales, income and corporate taxes for future investment in the Speedway.
The Indianapolis Motor Speedway will make millions of dollars in updates to settle a Department of Justice investigation that found more than 360 violations of federal disability law.
Veteran executive Mark Miles now has one of the most difficult jobs in sports—putting open-wheel racing on sound financial footing.
New Hulman and Co. CEO Mark Miles will focus in his new role on all of Hulman & Co.’s ventures—including real estate holdings and Clabber Girl. But his biggest challenge will be turning around the money-losing IndyCar Series and bolstering one of the region’s most famous landmarks—the Indianapolis Motor Speedway.
Purdue University says jobs created by the racing sector in Indiana pay an average annual wage of nearly $63,000, well above the $39,700 state average.
The new CEO of Hulman & Co. gets an early vote of confidence from sponsors of open-wheel racing.
Hulman & Co., which owns Indianapolis Motor Speedway and the IndyCar series, has chosen board member and local economic development leader Mark Miles as its new CEO, the firm announced Tuesday morning.
The IndyCar Series is approaching a three-pronged fork in the road, and the path its leaders choose will have long-lasting implications for the Indianapolis Motor Speedway and Indianapolis 500.
Jeff Belskus, the president of Indianapolis Motor Speedway, and the president and CEO of Hulman & Co., will step in as interim CEO of the IndyCar Series, replacing Randy Bernard.
IndyCar Series owners have fired CEO Randy Bernard, sources familiar with the situation told IBJ on Friday afternoon. IndyCar officials are denying the firing.
IndyCar founder Tony George resigned Friday from the Hulman & Co. board of directors, citing a conflict of interest in his recent attempt to reacquire the series.
Tony George has offered a seven-figure cash proposal to take over operations and assume future losses for the IndyCar Series.
IndyCar Series officials insist the open-wheel circuit is on the right track despite a drop in its television ratings, tepid attendance and persistent rumors that it will be sold and its CEO will be fired.
The Sports Business Journal is reporting that former Indianapolis Motor Speedway CEO Tony George has assembled an investor group that includes race team owners Chip Ganassi, Roger Penske, Michael Andretti and Kevin Kalkhoven to buy the IndyCar Series.
Direct-to-consumer marketing of star drivers could be just what the series needs to boost interest, TV ratings.
The Gen Con Indy gaming convention and the MotoGP race are among several events the city is hosting that could produce an economic impact of $150 million, according to the Indianapolis Convention and Visitors Association.
