SPEEDWAY, Ind. — In a highly anticipated business move by the NTT IndyCar Series and Penske Entertainment, both entities confirmed Monday that the series will be implementing a new charter system for participating teams.
The charter agreement will commit ten participating teams to the series through at least 2031 and will guarantee starting spots in each race on the IndyCar calendar for each chartered team.
Every race, that is, except the Indianapolis 500.
“This is an important development that demonstrates an aligned and optimistic vision for the future of our sport,” Penske Entertainment Corp. President and CEO Mark Miles said. “I want to extend my sincere appreciation to our team owners for their collaboration and ideation throughout this process. Ultimately, we’re pleased to have a system in place that provides greater value for our ownership and the entries they field.”
This agreement also means that only chartered teams can qualify for Leaders Circle points, which is the annual award program that …