IndyCar finalizes charter system that doesn't guarantee spots in Indianapolis 500

IndyCar on Monday finalized a charter system for 25 entrants that, while it pales in comparison to the contentious deal reached between NASCAR and its teams over their revenue sharing model, does give 10 open wheel organizations some guarantees.

The initial agreement runs through the 2031 season and ensures the 25 chartered cars a starting spot in all IndyCar races except the Indianapolis 500. Teams will still have to qualify on speed for the Indy 500's 33-car field, and that was one of the biggest elements of negotiations as opinions were divided among traditionalists and those seeking greater value for their teams.

Chartered entries are also the only cars eligible for the Leaders Circle program, which is a monetary bonus awarded by IndyCar to the top 22 finishers at the end of each season. That bonus money covers significant portions of some teams' annual budgets.

“This is an important development that demonstrates an aligned and optimistic vision for the future of our sport,” said Mark Miles, president and CEO of Penske Entertainment Corp. “We're pleased to have a system in place that provides greater value for our ownership and the entries they field.”