A bill that would help fund improvements to the legendary Indianapolis Motor Speedway has been approved by the Indiana General Assembly and is now heading for the desk of Gov. Mike Pence.
House Bill 1544, which has passed through the Indiana House and Senate, calls for the creation of an Indiana Motorsports Investment District that will capture sales and income taxes at the commercial property that includes IMS, which will then go toward future investment in the Speedway.
According to the legislation, the track will receive a loan from the state of Indiana for up to $5 million per year for 20 years to complete upgrade projects, and the loan will be repaid through expected increases in income and sales tax collections at IMS — which will kick in $2 million a year over 20 years ($40 million total) themselves toward the improvements.
“We appreciate the hard work done by state lawmakers to ensure Indiana remains the worldwide leader in motorsports,” Indianapolis Motor Speedway Corporation president/CEO Jeff Belskus said in a statement. “This legislation will allow us to make transformative improvements to our 104-year-old facility over the next several years that will greatly enhance the fan experience.”
In addition, the bill also creates a special fund for motorsports-based businesses in Indiana to apply for loans that can help them improve their own facilities. The state will provide up to an additional $5 million annually to the fund, which will be run by the Indiana Economic Development Corporation.
The legislation was introduced into the Indiana General Assembly in February. A Feb. 8 press release from IMS stated potential projects that could occur thanks to the legislation, such as the installation of lights, adding high-definition video boards, and seating and restroom upgrades.
The FIA Formula E Championship will add Hong Kong to its calendar for its third season, 2016-2017.
The race will take place on October 9, 2016 – exactly one year from now – around the city’s Central district. The 2km circuit will run between Lung Wo Road and the Star Ferry, with cars reaching speeds of up to 225kph (140mph).
The launch event today featured the Chief Executive of the Hong Kong Special Administrative Region, the Honourable CY Leung; Mr. Gregory So, Secretary for Commerce and Economic Development; Mr. Alejandro Agag, CEO, Formula E Holdings; Mr. Lawrence Yu Kam-Kee, President of the Hong Kong Automobile Association; and reigining FE champion Nelson Piquet Jr.
“The Hong Kong ePrix will be one of the highlights on the FIA Formula E Championship calendar,” Agag said in a release. “As one of the most innovative, cutting-edge and fun-loving cities in the world, Hong Kong and Formula E share many of the same qualities. We look forward to bringing all the fun and entertainment of Formula E to this amazing city, and international motorsport back to Hong Kong.”
The track map is linked below.
Prema Powerteam has confirmed that it will enter GP2 for the first time in 2016, taking over the entry of Team Lazarus.
Prema has established itself as one of the most formidable teams in junior motorsport over the past 30 years, winning countless championships – including the last five FIA F3 titles – and helping to launch the careers of Ryan Briscoe, Roberto Merhi and Esteban Ocon (pictured).
In 2016, it will enter GP2 – Formula 1’s feeder series – for the very first time, taking over Lazarus’ entry as its four-year association with the series comes to an end.
“We are delighted to line-up for this exciting new adventure in the GP2 Series,” Prema manager Rene Rosin said. “Prema always followed the evolution of the GP2 concept as an interested spectator, and it is now finally time to join the game in first person.
“The move to the GP2 Series is a logical step for Prema, following the successful experiences in the FIA Formula 3 European Championship and in the Italian and the German Formula 4 Championships, which will continue with the same level of commitment.”
Series CEO Bruno Michel was pleased to welcome Prema to GP2, and believes that it will adapt quickly to life in the championship thanks to its impressive racing record.
“I am very pleased to welcome Prema to the GP2 Series,” Michel said. “Their remarkable track record makes me believe that they should be able to adapt quickly to our category.
“I would like to take this opportunity to thank [Lazarus team principal] Tancredi Pagiaro and his team for their hard work and dedication for the past four seasons. I wish them the best for the future.”