TEAM Program - Details from Press Conference

Story posted - Oct 02 2007 11:00 AM

Here are a couple quick notes from the press conference (in addition to the official notice that went out earlier and covers most of the details):

One interesting item that came from the press conference is that Terry Angstadt said there are two new sponsorship categories that have been fulfilled. He said a press conference has been slated for October 31st in Las Vegas to make one announcement and another announcement will be made on January 1st.

Full-time TEAM participants will be guaranteed $300,000 at Indy even if they are bumped.

Indy 500 one-off's will be guaranteed a minimum purse amount of $270,000 (Last year, that was around $192,000). This increase could be the most important of all. It is almost possible to run the 500 for that new minimim amount, (existing chassis, second weekend engine lease, plus buy tires and pay a crew.) Taking a shot at making the show on bump weekend looks like a pretty good financial gamble, that could be profitable, even with just a minimum amount of sponsorship - and you'll probably pick up more if you make it.

All of this money is IRL guaranteed money. It does NOT include contingecy money which will still be paid by AAMCO Transmissions ($10k Pole Award at regular races), Firestone ($10k for leading the right lap), and the plethora of individual awards at Indy including the pit stop competition, fastest of the day, rookie of the year, etc.

BTW, the $900,000 for non-Indy races breaks down to $60,000 per starter. That does not include the top five money.

Races will now basically pay $95,000 to win, $85,000 for second, $80,000 for third, $75,000 for fourth and $70,000 for fifth. Everyone else gets $60,000 plus any contingency money they picked up.

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Ok, there will be more on this, but we gotta run right now.

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