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.
But already there are signs that new track leadership won’t be shy about scaring up cash. Under new Hulman & Co. CEO Mark Miles, IMS appears poised to part with long-held traditions—including refusing to sell naming rights—to achieve state-of-the-art status.
The first step in that direction came Feb. 14 when the Indiana Senate Appropriations Committee unanimously approved a bill to create a motorsports investment district encompassing the Speedway. It marks the first time in the track’s 104-year history that it has gone after public money.
That’s not the only first Miles has spearheaded since taking over Dec. 17 at Hulman & Co., which oversees the Speedway and IndyCar Series. Besides the state funding proposal—something Hulman-George family members have strongly opposed in the past—Miles has launched the first effort to craft a master plan for Speedway facilities.
Though elements of the plan won’t be rolled out until spring, IMS officials say $120 million in needed improvements already have been identified. That includes $20 million for lights, $15 million for grandstand upgrades, and another $15 million for video boards. Changes mandated by the Americans With Disabilities Act are projected to cost $10 million
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