IndyCar president issues key update on PREMA Racing's future in the series

IndyCar president Doug Boles has given an update on PREMA Racing's future in the series. The Italian team debuted in the premier American open-wheel racing series in 2025, and after just one season, is facing financial hurdles to continue competing in the series.

Co-team owner Deborah Meyer invested north of $40 million to build the team's IndyCar operations from scratch, including a new shop in central Indiana and two competitive Dallara DW-12 challengers. However, PREMA Racing doesn't own a charter entry, unlike the other 10 teams.

It joined the series after the charter system, which aimed at creating intangible value for the teams involved, was introduced. This means the value of PREMA lies in the physical assets it owns. As per RACER's Marshall Pruett, it is looking to sell the IndyCar team with an asking price of $20-25 million.

While an official update from the team is awaited, Doug Boles has shared an update on the team's outlook after conversations with PREMA Racing CEO Piers Philips.

"I've talked to Piers at PREMA last week," Boles said David Land on YouTube. "I know they're working really, really hard to continue to be on the grid. All kinds of crazy rumors in the sport, especially in the offseason when we're not racing, people dive into those rumors."

"I hear like everybody else does, but so far my conversations with PREMA, they're continuing to work on finding ways to make sure that they're on the grid, and we stay in touch with them, and we'll see where it goes. But I don't have any confirmation or direct information I can pass on," the 59-year-old added.

PREMA Racing reportedly has both its drivers, Robert Shwartzman and Callum Ilott, under contract for 2026. However, Ilott is reportedly in talks with multiple teams in the World Endurance Championship and the IMSA SportsCar Championship for a drive next year.

IndyCar legend Michael Andretti addresses rumors about buying PREMA Racing

Michael Andretti at the 2024 Portland E-Prix - Shakedown & Practice - Source: Getty

IndyCar legend Michael Andretti was recently linked with a possible interest in buying a stake or the whole of PREMA Racing. Marshall Pruett shared on his podcast that he'd heard some rumors in the paddock about the possibility.

Andretti left motorsport in September 2024, resigning as chairman and CEO of Andretti Global. Since then, he has made only one appearance in the IndyCar paddock, at the 2025 Grand Prix of St. Petersburg.

On Tuesday, October 21, the 1991 CART champion put out a post on the social media platform X to silence the rumors about him wanting to buy an IndyCar team and return to the series.

"Just to set the record straight, I have no intention what so ever to become an owner of an INDYCAR team."

Michael Andretti

@michaelandretti

Just to set the record straight, I have no intention what so ever to become an owner of an INDYCAR team.

PREMA Racing's biggest highlight of the 2025 season was rookie Robert Shwartzman clinching pole position for the 109th Indy 500. Callum Ilott also impressed towards the end of the season with four Top 10 finishes in five races.