One-third of what is widely regarded as motorsport’s triple crown, the Indianapolis 500 is IndyCar’s crown jewel.
What started as a very American race has become one of the most international events in all of motorsport, which is fitting considering that the very first Indy 500 was called ‘The 500-Mile International Sweepstakes’.
Only five American drivers have won the race since the turn of the century, illustrating its growth outside of its US homeland. After Spain’s Álex Palou started on pole for the 110th edition of the race, Sweden’s Felix Rosenqvist beat home hero David Malukas in the closest finish in Indy 500 history.
First held in 1911, the Indianapolis Motor Speedway (IMS) has been home to the event ever since. Incredibly, these initial races were staged on a surface of 3.2 million bricks laid by hand, giving rise to the circuit’s famous nickname ‘The Brickyard’.
While this was eventually replaced by asphalt, a one-yard strip of bricks remains to commemorate the historic track. As tradition dictates, winning drivers and teams will kiss the bricks after victories.
After Rosenqvist became the latest driver to add their name to the illustrious history of the ‘Racing Capital of the World’, BlackBook Motorsport takes a closer look at the business underpinning the Indy 500.
The one-yard strip of bricks is all that remains of the old racing surface at IMS and Rosenqvist ensured that he followed the above tradition (Image credit: Getty Images)
The host
For the second year in a row, and the third time since 2016, the Indy 500 is a sellout. IMS will host 350,000 spectators on Sunday, making it the largest single-day sporting event in the world.
Like IndyCar, IMS is part of Penske Entertainment, which is owned by Roger Penske’s Penske Corporation (67 per cent) and Fox Corporation (33 per cent). This gives IndyCar maximum control over its premier event, which was crucial in the wake of the pandemic. Penske bought IndyCar and IMS in 2019 and, despite the financial struggles that came with Covid-19, he invested US$30 million on upgrades to IMS.
When events were allowed to return to full-capacity crowds, the 2022 Indy 500 delivered its second-best attendance in the last 25 years. Attendances have only become more consistent since.
So great is the attendance that IMS would be the second-largest city in the state of Indiana on Indy 500 race day. The economic impact on the surrounding area is therefore sizeable.
A 2023 study estimated that IMS contributes US$1.058 billion to the Indiana economy. The ‘Month of May’ – which includes everything directly related to the Indy 500 – accounts for around half of that number.
A previous economic impact study, conducted ten years earlier, estimated that IMS generated more than US$510 million annually, underlining just how much the race has grown in recent years.
Prize money
The Indy 500 has a prize pot to match its status as the most prestigious race on the IndyCar calendar.
The event has offered a record purse for four consecutive years, reaching US$20.3 million in 2025. As last year’s winner, Palou won US$3.8 million of the available total. A driver’s total winnings are determined by their finish, whether they achieved pole position, and the number of laps they led during the race.
These factors led to Josef Newgarden receiving US$4.3 million in 2024, the highest payout for the race in IndyCar history at the time. This included a US$440,000 bonus from BorgWarner – the creator of the trophy that goes to the winning driver – for winning in back-to-back years.
This year’s purse saw Newgarden’s record beaten. Rosenqvist won US$4.34 million from a total payout of US$30.9 million, also a record. The average payout to IndyCar drivers on the grid was US$936,500, far exceeding last year’s average of US$596,500.
Sponsorship
Outside of the sponsors who have year-round deals with the series itself, the Indy 500 attracts its own dedicated partners.
Gainbridge, the insurance technology company owned by TWG Global, has been the presenting sponsor of the event since 2019, when it took over from oil brand PennGrade. The company most recently signed a multi-year contract extension in November 2025.
As previously mentioned, the trophy awarded to the winner was created by BorgWarner. The trophy, which is named after the automotive manufacturer, was first commissioned by the company in 1935, making the tie-up one of the longest-running sponsorships in sports.
The most intriguing commercial relationship tied to the Indy 500, though, is with the American Dairy Association Indiana. It might not be the first company that springs to mind when thinking of top-tier motorsport, but it is directly responsible for the Indy 500’s most famous tradition still standing to this day.
The winner of the Indy 500 gets their choice between fat free, two per cent, or whole milk to celebrate victory, as seen above with 2025 winner Palou (Image credit: Getty Images)
Started by accident in 1936 when Louis Meyer requested buttermilk in Victory Lane, the deal means the race winner must now drink milk as a contractual requirement. Milk bottles and company branding are also displayed prominently in Victory Lane throughout the weekend.
Perennial sponsors like NTT Data – which extended its title sponsorship of IndyCar on the eve of this year’s Indy 500 – Firestone, and Pennzoil also receive prominent branding as event partners.
But it is Tag Heuer in particular that elevates its usual presence as the series’ official watch and timekeeper thanks to its position on the IMS Pagoda. The LVMH subsidiary is also the presenting sponsor of the Hulman Terrace Club hospitality suites at the circuit.
Multiple drivers secure Indy 500-specific sponsorship backing, but none make for a more interesting storyline than Katherine Legge’s attempt at ‘The Double’. If successful, she will become the first woman to race in both the Indy 500 and Coca-Cola 600 on the same day. The effort is being backed by Elf Cosmetics, which is serving as the British driver’s primary partner across the two races.
Broadcasting
Last year’s Indy 500 was the most-watched edition of the race in 17 years as 7.05 million viewers tuned in for the race on Fox. This validated IndyCar’s seismic decision to depart from longtime broadcast partner NBC prior to the start of the 2025 season.
Fox displayed a more proactive marketing approach than its predecessor through the creation of three ads focusing on star drivers Josef Newgarden, Pato O’Ward and reigning IndyCar champion Álex Palou. Fox aired them during its coverage of the 2025 Super Bowl, which is typically the most-watched TV programme of the year in the US.
This year’s Indy 500 will be the first since Fox Corporation acquired a 33 per cent stake in IndyCar and IMS for between US$125 million and US$135 million. Now, that means the overall performance of the race is of even greater financial interest to Fox.
What will be encouraging for the network is that it has been sold out of ad inventory “for a while”, as Fox Sports’ executive vice president of sales Mark Evans told Sports Business Journal (SBJ). The strong debut last year has led to a 73 per cent cash increase year-over-year (YoY) – 30-second national spots were going for US$100,000 each last year.
IndyCar’s viewership so far this year represents its best start to a season since 2014, averaging 1.13 million viewers for the races leading up to the Indy 500. The hope is this momentum will continue into a record-breaking event and help to showcase why Fox invested in the series.
That will be helped by the lifting of the TV blackout in Indianapolis, a traditional – and some would say outdated – regulation that stops the Indy 500 being aired to viewers within 75 miles of IMS. This is the second consecutive year in which the blackout has been removed, which should help boost viewership again.
Outside of the US, ESPN, which shows the race across sub-Saharan Africa and Latin America, will be hoping O’Ward boosts viewership of its coverage in Mexico. Movistar+ will be hoping for a similar impact in Spain from IndyCar’s dominant star of the moment Palou.
In other major markets, Sky Sports will air the race in the UK and Ireland, Germany, Italy, Austria and Switzerland. Elsewhere, Band Sports returns to IndyCar after an eight-year hiatus in Brazil, while Australia and New Zealand will be covered by Stan Sport and Sky Sport, respectively.
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