Unpicking the must-know details of FOX’s big IndyCar investment

Credit: Chris Owens

This week could prove to be a very significant one for the future of IndyCar following the announcement on Thursday that FOX Corporation has acquired one-third of Penske Entertainment, inclusive of both IndyCar and the Indianapolis Motor Speedway (IMS).

The strategic investment from IndyCar’s new-for-2025 broadcast partner is centred around supercharging the series’ growth. With it, FOX Sports has announced a multi-year extension to its media rights deal with IndyCar, which was already set to run until the end of 2027.

DIVEBOMB unpicks the key details of this possibly landmark move…

What the key figures had to say

Since their takeover of the series and IMS in 2020 under the banner of Penske Entertainment, successfully guiding IndyCar through the perilous pandemic times, Roger Penske and his team have led operations without this kind of external support.

But news of FOX’s partnership with Penske Entertainment brings a new strand to Penske’s ownership of the series, signifying a willingness to delegate and bring onboard a fresh outlook in key areas where IndyCar has sometimes lacked. 

“This partnership is built on long-standing trust and a shared vision for the future,” Penske said in Thursday’s release. “FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. 

“Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to IndyCar.”

There appears to have been acknowledgement that Penske cannot maximise IndyCar’s growth alone and without expertise in certain unfilled voids. And already before the conclusion of their first season as IndyCar’s television partner having taken over from NBC Sports, a clearly firm bond has been forged between FOX and the series.

In the press release, the glowing description of IndyCar as “the most competitive and dynamic motorsport on the planet” was used. And it has been evident in their faith from the outset that FOX values IndyCar’s product and desperately wants to harness its potential. 

Credit: Chris Jones

The first season of IndyCar on FOX has been encouraging, including from a pure presentation and promotion standpoint. And from a numbers perspective, the unprecedented all-network coverage of races has brought highs, particularly the 17-year high 7.01 million viewers for the Indianapolis 500 - a 41 percent increase from 2024 on NBC. 

Over one million viewers were also clocked for the St. Petersburg season opener (at an impressive 1.417 million) after an off-season of excellent promotion, with figures also narrowly into the seven-figure range for Detroit and Gateway. 

There has been a hint of disappointment that nine races have failed to meet the 800,000-viewer mark though, with FOX not yet managing to gain any consistent edge on races broadcast on network NBC. But the simple fact that FOX has every race on network television has led to a 31 percent year-on-year viewership increase compared to 2024.

It was always going to be a long-term project not to be judged in year one. But FOX has already unquestionably evolved IndyCar’s coverage and increased eyeballs on the series.

Now, they have taken on even more responsibility in increasing those eyeballs.

“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” said FOX Sports CEO and executive producer Eric Shanks. “IndyCar represents everything we value in live sports - passionate fans, iconic venues, elite competition and year-round storytelling potential. 

“This investment underscores our commitment to motorsports and our belief in IndyCar’s continued growth on and off the track. We’re excited to help elevate the sport to new heights across all platforms.”

An interesting note from Shanks’ quote is the discussion of the “year-round storytelling potential” of the series. The 17-year schedule currently only spans six-to-seven months outside of the NFL season. But with FOX’s clear valuation of IndyCar, could there even be an opportunity to expand and extend the calendar to prevent losses of momentum?

The statements make for encouraging reading. As much as NBC were committed partners of the series, it has felt as though IndyCar has lacked a broadcast affiliate keen to go to these lengths to showcase their product to a wider audience.

Credit: Joe Skibinski

Promoting and building superstars

Before FOX took over as IndyCar’s broadcast partner this year, there had been criticism levelled at the lack of opportunities for drivers to be presented as superstars. Adding to that, there was a sense that the series was under-promoted, thus limiting its growth.

But ahead of the 2025 season, FOX combined the two with three popular driver-specific commercials featuring Josef Newgarden, Álex Palou and Pato O’Ward. Not only did this mark a major advertising campaign - at the forefront of Super Bowl commercial breaks - but it allowed a showcase of the drivers beneath the helmets to start to create more relatability.

Formula One created a blueprint for creating superstars out of its drivers after Liberty Media’s takeover, particularly through its Drive to Survive Netflix series alongside revamped online content. Fans were able to learn more about those at the centre of the sport, which provided a boom in popularity and fandom - particularly among a younger demographic.

IndyCar has often lacked that exposure for the diverse range of personalities within the paddock. But FOX’s investment in the series includes building on early efforts to engineer more stardom, intending to offer “enhanced promotion and star-building opportunities”.

Alongside the ad campaign, FOX has already put an emphasis on pre-race driver-led features, YouTube features and giving more exposure to the faces of the series through spoken introductions from each driver in the pre-race starting grid cutscene.

A tight broadcast window has limited the depth of storytelling somewhat during race weekends, albeit combining the warm-up session with a pre-race show has been effective. Ultimately, it takes time to tell drivers’ stories - as F1 does well on race weekends - so it begs the question whether there may be scope to hold longer pre-race or post-race shows.

Is adjusting these TV windows possible? It is tough to juggle with FOX’s many other sporting entities and other clashes. But now elevated beyond just a broadcast partner, there is a vested interest in and even greater care about the wholesale growth of the series.

Credit: Joe Skibinski

FOX has also taken over IndyCar’s 100 Days to Indy docu-series from the CW already this year as one means of creating more familiarity with the drivers. Splitting episodes between the Indy 500 and the remainder of the season - change from the sole focus being on the Indy 500 under the CW’s guise - FOX is ensuring the entire season is promoted.

As it stands, IndyCar is not recognised at the level it should be or once was - even in the United States. It has been an important step for FOX to put emphasis on promoting the wider season, rather than the races outside of the Indy 500 remaining an unknown entity among more casual Indy 500-watching fans.

For a long time, it has felt like the series’ USP - whether its raw racing, personalities or the speed - has not been tapped into or sold effectively enough. And these are all things that would appeal massively to race fans or sports fans drawn in by competition.

But as is already in motion in many ways, FOX has a chance to support IndyCar in making that USP known on a wider scale. There is a chance to really forge an identity and for the word to be spread and marketed as it has not been.

IndyCar cannot be allowed to remain a hidden gem waiting for but not getting its big break. But with FOX and its more specific expertise set to be a key part of promotional efforts - whether continuing to drive more fans to events or increasing television viewership - this could finally be IndyCar’s opportunity to grow at the rate it has long desired and deserved.

And once you become more known and the high-quality product is seen, it becomes a haven for partners wanting to be involved and associated with the sport. The trajectory only continues to be an upwards one from there.

Credit: Jeff Hilliker

Emphasis on creating events

Something that IndyCar has started to target has been the creation of ‘events’ - adding an extra layer to weekends in addition to just being a race. The series has long lacked tentpole events outside of the Indy 500 - and to an extent the likes of Long Beach

Next year’s inaugural Grand Prix of Arlington - run within Texas’ entertainment district in collaboration with the Dallas Cowboys (NFL) and Texas Rangers (MLB) - marks the start of a focus on targeting city markets through street courses. To be hosted next March, the joint venture with two major US sports teams is a first-of-its-kind event.

By placing IndyCar to the forefront of peoples’ attention in busy and popular areas, creating events such as Arlington is a canny ploy to appeal to new fans by bringing the product to them. 

This style of ‘showcase’ event is something FOX would like more amid the ramping up of its partnership with IndyCar, with a desire to provide “innovative and industry-leading racing and entertainment events”. For one, the festival-like, entertainment-based experience has long been an extremely effective supplement to the racing at the Indy 500.

It is key for IndyCar to create more of these important, ‘must-watch’ races and ‘must-attend’ events. In order to avoid wavering attention throughout the season, it will be crucial that these blue riband events are not too front-loaded in the schedule too.

With emphasis placed on promotion as part of this strategic investment in IndyCar, there is also a question of whether FOX could take over some event promotion of races that have lacked that - particularly with waning attendances at some of the best races on ovals. This could possibly open the door to return to other fan-favourite tracks dismissed in the past.

FOX’s efforts to create a feeling of importance around races has already been made abundantly clear by changes made to event times this year to help gain as much spotlight as possible - including running Gateway at primetime under the lights. 

Outlined by a number of record attendances and a sell-out Indy 500, momentum is already brewing. That has got to be built and capitalised upon.

Credit: Chris Owens

Revolutionising IndyCar content

The final element of FOX’s investment is the hope to provide a “hyper-engaged digital strategy and immersive content focus” in its bid to engage a new audience.

Innovation has already been seen on the broadcast with new features such as drone footage, the Drivers’ Eye helmet cam and the cutaway car for technical explanations. That could be ramped up to a greater level by ensuring all cars have onboard cameras given even the championship-leading No.10 car of Palou usually does not have one.

But in the modern digital era, a big part of the growth of sports is online, social media content. This is integral to tapping into a younger generation, which currently makes up an overwhelming minority of the IndyCar fanbase.

IndyCar has already improved in this department, launching a new mobile app and website as well as a fantasy platform to engage fans. Driver-centred social content and the sharing of race highlights across a variety of platforms has already led to a certain amount of growth.

With the brains of FOX now in a position of greater influence, there is an opportunity to really tap into an organisation operating and thriving within the entertainment industry in a bid to help IndyCar’s product and personalities appeal to the masses.

There is a line that should not be crossed on the entertainment side - not meddling with formats to manufacture entertainment when the pure sporting product is already as good as it is. But with Roger Penske and Penske Entertainment still majority owners of the series, one would hope the stance on being against a playoff format or similar remains.

FOX clearly holds massive belief that the foundations are already in place to achieve serious growth - this would be a pointless endeavour if not. The hints are that their involvement is purely to assist where Penske have lacked.

And those shortcomings have been in giving the series the platform and opportunities to excel that it has long needed and long warranted. All of the necessary ingredients are there but the eyes that are deserved have not been.

This is a huge chance for positive change.