Charters may not be a good idea at this time, IndyCar.
With recent turmoil reported from the team owners in the NTT IndyCar Series paddock, the idea of implementing a charter or franchise system may not be worthy in the current climate.
Stealing a renowned quote from British World War II Lieutenant-General Frederick Browning, it’s just a “bridge too far.”
Charters are a good thing in auto racing for teams to have an equity stake, a valued asset that guarantees the owner revenue and if the time comes to leave the sport, a commodity to sell besides unused race equipment and broken air guns.
In simpler terms, when cash is flowing, the owner collects.
How about when there isn’t as much money coming in, what is the value then?
That’s what IndyCar is up against as it tiptoes to a decision and execution of a possible charter program, much like the NASCAR Cup Series. There is a lot of talk going on behind the scenes, and it seems the topic is one of several that has added up to angst that spilled over during this past weekend’s season opener at St. Petersburg.
From an outsider’s vantage point, it’s hard to lean one way or the other in deciding if pursuing charters is the right call for the open wheel series. Unless of course a charter guarantees a starting spot in the Indianapolis 500, then the passionate opinion is that’s not good for the sport – and apparently the series has listened to fan’s backlash over that, for now.
The real question is it worth it to buy-in and receive a charter? This bemusement arose when word came out that the series was going to start the program with a required $1 million buy-in, with no exact details on how that would come together, whether an instant payment, a chunk out of the guaranteed revenue or in installments over years. Oh, to have been in the room to time how long it took the collective group of owners to spit out the words ‘no.’ Why? Let’s dive further.
It is in the team owners’ interest to have a charter program. All that they possess is buildings, equipment that is specific to racing, and probably a substantial amount of toilet paper and cleaning supplies for their shops. Not a lot of value there. With a charter though, a team owner gets a guaranteed share of the revenue from the series at year’s end, for competing in every race on…
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