Report: IndyCar, IMS “turned the corner” financially in 2014

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All year, one of the big internal talking points about the Verizon IndyCar Series has been the business side, and what the latest new management team at 16th and Georgetown would do to better run the company as a business.

Per a report from the Sports Business Journal‘s Tripp Mickle, the implementation is working as IndyCar and the Indianapolis Motor Speedway appear set to be profitable for the first time in more than five years.

“We had a very good year and turned the corner,” Hulman & Co. CEO Mark Miles told Mickle in the report. Miles is the head of INDYCAR’s parent company and thus, the de facto head of the series.

The gains in particular were concentrated around the expanded month of May, with the strategy to implement the Grand Prix of Indianapolis road race (more than 30,000 spectators confirmed) and the Jason Aldean concert also proving a boon to the Saturday the night before the Indianapolis 500.

Additional sponsorship (Verizon, TAG Heuer, Angie’s List) and improved TV ratings – both on NBCSN and ABC – also contributed to the positive year.

We’ll have more on what this means a little later on on MotorSportsTalk.