IndyCar CEO talks Indy 500 TV blackout, new broadcast deal
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe 108th running of the Indianapolis 500 is less than a week away, and there are a number of positive signs heading into this year’s race. Ticket sales are trending ahead of last year, which at 330,000 was the largest crowd since the 350,000 that attended the 100th running in 2016.
Penske Entertainment Corp. and IndyCar CEO Mark Miles says ticket demand continues to increase, with sales about 16,000 more than this time last year.
In an interview for our Business at the Brickyard series on Inside INdiana Business with Gerry Dick, Miles discussed the possibility of the local television blackout being lifted for this year’s race as it was for the 100th running.
“I think it’s the thing–we’ll know it when we see it,” he said. “We just keep selling, and we see where we end up. I’m sure it’s conceivable. It’s not a gimme put, but there’s really good seats available, and we hope that people will keep making plans to come out, and then we’ll see where we are just prior to the race.”
IndyCar is also in the midst of negotiations for a new television contract beyond 2024, with NBC and Fox being the presumed front runners. Miles said a deal could be announced soon.
“We’re getting close. We’ve been working at it now for months,” he said. “NBC has been a great partner and helped us grow our viewership over the last six years that they have been our primary partner. And, yeah, they’re not alone in the hunt. So I think we’re gonna know kind of which way we’re gonna go in the next couple of weeks.”
Miles said he’s delighted by the interest in the TV rights, and he is sure that the new deal will make IndyCar event stronger.
Corporate sponsorships are also growing in demand for IndyCar, with sponsorships increasing 30% over the last three years, Miles said, noting that individual teams are seeing more as well.
“One indication of their health is that more and more team owners want to come race IndyCar. We can have 29 cars trying to be on the grid next year, which is more than we can accommodate in terms of engines and space in the pits and some of that. So really, it’s really strong demand, and I think it’s indicative of the fact that the underlying metrics are strong.”
Beyond the 500, Miles noted that the future could bring some additional development near IMS. He said the potential of turning the approximately 50 acres of land across 16th Street from the Speedway has big potential for new offices for IndyCar, as well as other mixed-use space.
“We’ve wanted to tend to our knitting right now and work on the fundamentals of our business,” he said. “And then we’ll talk to major developers and we’ll learn what they think is the right timing. We don’t want to get ahead of the transition from here on West 16th Street to Indiana Avenue and all that’s going on at the east end of 16th Street with 16 Tech and IU Health. So there’s a lot of space to fill in, but the time will come when we’ll be an important part of that.”