While admitting he may not have made the same statement a year ago, Penske Entertainment Corp. Chief Executive Officer Mark Miles says he is very bullish on the IndyCar series as the sport emerges from a very difficult 14-month stretch. “I feel great, we’re growing, we have more teams, great competition and all of our business partners are extending and getting more engaged. We think the future is very bright.”
Miles talked about the impact of this year’s Indianapolis 500 and the post-pandemic future of open-wheel racing on this weekend’s edition of Inside INdiana Business with Gerry Dick.
Miles said a big reason for the optimism is the recent contract extension with series title sponsor NTT. “That was huge,” said Miles, who adds the deal is about more than traditional sponsorship dollars.
“They’re a great, great global company, a real powerhouse with over $150 billion in revenue and they’re fundamentally a technology company and we’re fundamentally a technology-driven sport,” said Miles, who points to an NTT-designed mobile application for the IndyCar series as an example of the deal’s added value.
Miles also says he expects to have a new media rights deal in place by the end of June. IndyCar and NBC signed a three-year pact in 2018.