A total of 25 charters have been accepted by 10 teams in a move being hailed ground-breaking by the category and its participants.

Andretti Global, Arrow McLaren, Ganassi, Rahal Letterman Lanigan and Team Penske all received three charters.

AJ Foyt Enterprises, Dale Coyne Racing, Ed Carpenter Racing, Juncos Hollinger Racing and MSR received two charters each.

Charters were distributed based on previous commitments to the category. IndyCar’s newest team Prema Racing did not receive any charters.

The charter comes with a caveat that entrants will still be required to qualify for the Indianapolis 500.

That was a bone of contention among owners, with rumours brewing for a long time that the new charter system would guarantee teams a starting spot in the famed 500-mile race.

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That, however, has been precluded, meaning one of the most iconic elements of the Greatest Spectacle In Racing will remain.

“This is an important development that demonstrates an aligned and optimistic vision for the future of our sport,” said Penske Entertainment Corporation President and CEO Mark Miles.

“I want to extend my sincere appreciation to our team owners for their collaboration and ideation throughout this process.

“Ultimately, we’re pleased to have a system in place that provides greater value for our ownership and the entries they field.”

Per IndyCar, an entry must be chartered to qualify for the annual IndyCar Series leaders circle program.

The top 22 finishers in the championship will be paid dividends at the end of the season, which makes up a significant portion of each team’s budget.

A new era in #INDYCAR 💪 pic.twitter.com/Ch8po2ljvC

— NTT INDYCAR SERIES (@IndyCar) September 23, 2024

Chip Ganassi, one of the sport’s most successful team owners, hailed the new charter a momentous occasion for the series.

That’s despite Chip Ganassi Racing having the biggest year-on-year fall-off, dropping from five entries to three.

“When you look back in the modern era of IndyCar racing, you will look at a few important moments, the first being the unification of the sport, the next being Roger Penske buying the IndyCar Series and IMS [Indianapolis Motor Speedway], and I truly believe the third will be the charter system,” he said.

Larry Foy, son of the great AJ Foyt, added: “I appreciate the efforts made by the IndyCar and Penske leadership groups, as well as all the owners, to get this charter system started.

“It is incredibly challenging to get a large group of owners to agree on something, and certainly there was some give and take, but, in the end, I believe this is a path that is beneficial for all of the owners and for IndyCar, while also maintaining the availability for open competition.”

The charter is good news for owner-driver Ed Carpenter, who as yet has not announced his driver line-up for 2025.

“ECR will have announcements soon, and I don’t know that they would be possible without the help of a program like this,” said Carpenter.

“With this groundbreaking development, the new TV deal with FOX and the momentum that had been building, IndyCar’s future is very bright.”