IRL: Purse Indy 500

For Immediate Release

RECORD PRIZE FUND POSTED FOR 1997 INDIANAPOLIS 500

INDIANAPOLIS, May 23, 1997 -- It wouldn't be difficult to envision the Indianapolis Motor Speedway as Fort Knox and Brinks trucks rolling around instead of high-powered race cars. For the second consecutive year the total purse for the Indianapolis 500 is expected to exceed $8 million -- the richest race in the world. The '500' coffer is made up of $100,000 in lap prize money, $1,777,250 in designated awards and the balance, to be determined following the race, contributed by the Indianapolis Motor Speedway. The total designated awards figure, which includes contingency and special incentive, is an increase of $247,000 over 1996. A record of more than 70 companies are participating in the Indy 500 awards program. PPG Industries, Inc. leads the way with a $595,000 offering. Pennzoil Products Company is contributing $170,000 and Borg-Warner serves $130,000 to the winner with an additional $60,000 if Hemelgarn Racing's Buddy Lazier duplicates his '96 visit to victory lane. "We are delighted with this year's Indy 500 awards program," said Kurt Hunt, Indianapolis Motor Speedway's Director of Marketing Services. "When you welcome 12 new companies as sponsorship partners and have a significant increase in posted prize money, it speaks volumes on the health of our race. The Indianapolis 500 will continue to grow and maintain the reputation as the greatest spectacle in racing." Also, composing the spoils of victory in this year's event will be a Jacuzzi custom portable spa, an Indy 500 limited edition luxury boat from Thunderbird Products valued at $85,000 and a replica pace car Oldsmobile Aurora worth $36,000 -- all to the winner. Earlier this month $215,000 in qualifying awards were earned with pole-sitter Arie Luyendyk of Treadway Racing collecting $100,000 and driving home a $40,000 Chevrolet van.

...97IMS-16...