PREMA Racing's IndyCar team reportedly up for sale for $25M

PREMA Racing has reportedly put its IndyCar team up for sale after only one season in the premier American open-wheel racing series. As per IndyCar insider Marshall Pruett, the Italian team has set an asking price in the range of $20 to $25 million.

PREMA, a team with a rich heritage and one of the most successful teams in the Formula ladder in Europe, announced in the first half of 2024 that it would step into IndyCar in 2025, bringing its experienced staff from Europe as the core group to lead the team. Led by Angelina Ertsou and Rene Rosin, the team fast-tracked its preparation for the rookie season, with former Ferrari academy drivers Robert Shwartzman and Callum Ilott as its full-time drivers.

Ilott, who had two years of experience racing in IndyCar, admitted in April that the team was playing a "catch-up game", having started from scratch. PREMA Racing's biggest success came at the Indy 500, where Shwartzman became the first rookie in 83 years to secure pole position.

Unfortunately, neither the race nor the rest of the season was as kind to him. Ilott, contrarily, finished the season on a high note, with four Top 10 finishes in the last five races. However, PREMA finds itself at a crossroads for 2026, with financial difficulties at the center of its plans.

Marshall Pruett recently revealed that the Italian team seems to be up for sale, as he was informed by the other teams in the IndyCar paddock.

"I’ve had a few team owners tell me they’ve heard the entire team is up for sale (the asking price has ranged between $20-25 million), but when I ask if they’ve been contacted by PREMA to buy the team, they’ve said no, which I’ve said is strange, since the 10 other teams would be the first you’d expect to hear from the 11th team if the 11th was indeed for sale," he wrote in the RACER Mailbag.

PREMA Racing co-owner Deborah Mayer had committed over $40 million to get its IndyCar program underway. However, the team's immediate future remains unclear.

Where do under-contract Robert Shwartzman and Callum Ilott go if PREMA Racing's IndyCar program folds?

NTT IndyCar Series Honda Indy 200 at Mid-Ohio - Source: Getty

It is understood that both Robert Shwartzman and Callum Ilott are under contract with PREMA Racing for 2026. If the Italian team were to discontinue its IndyCar program, the duo would be left without any major racing commitments unless they are informed well in advance about the team's future.

Early in September this year, there were fleeting rumors about Ilott returning to JOTA Sport to race in the World Endurance Championship in 2026. He raced with the team in 2024 after the end of his first IndyCar stint with Juncos Hollinger Racing in 2023.

As for Shwartzman, there had been rumors midway through the 2025 season that he was unhappy in IndyCar. The Israeli-Russian driver had never raced on ovals and was struggling to get good results in the series, often finding himself towards the rear of the grid.

However, the former Ferrari development driver quashed those rumors in September, calling it "damaging" and "offensive." There are no evident links as of now regarding his 2026 plans if PREMA Racing's IndyCar program were to collapse.