Penske Entertainment: Chris Owens
IndyCar was offered more money by a different bidder than it got from Fox Sports but made the switch from NBC Sports because the Fox deal gave the series the most exposure, according to CEO Mark Miles. The property will move to Fox next year after NBC acquired the rights to the full season since 2019.
Fox and IndyCar never announced the terms of their deal, and some industry sources have privately questioned in recent weeks whether IndyCar received a raise for its rights. The property was receiving revenue of about $20 million annually from NBC.
All 17 races will be broadcast on the same channel, Fox, rather than NBC which will likely feature a greater mix of NBC, USA Network and Peacock.
In an interview this week, Miles said, although details were not revealed: “We didn’t do the deal that was going to give us the biggest rights fee. This is the deal that made the most economic sense but it was the greatest ever, and you can think of it as our willingness to invest.” By taking less money in order to grow the sport through greater reach.
Miles did not confirm who offered more money. But as the current company, NBC is said to be open to continuing with IndyCar with the right deal. IndyCar’s $20 million in annual domestic media rights revenue compares to $75-90 million for Formula 1 and $820 million for NASCAR (NASCAR will rise to $1.1 billion next year).
However, Miles said IndyCar “could not be more excited and confident in the decision and the relationships we will develop – Fox Sports will help grow the sport.” He said Fox executives are excited about the series’ new run coming in 2026 with the Grand Prix of Arlington, which includes the Cowboys and Rangers, two teams that play in two leagues that have deals with Fox in the NFL and MLB.
He expects Fox to promote the race during this weekend’s Cowboys-Lions game, “and there are significant plans being developed for how their broadcast of the Super Bowl in New Orleans will create opportunities for us to integrate into some of those promotions.” He said work is being done not only on the promotional level but also on the look and feel of the broadcast show with production and graphics.
“Every day something new happens that reaffirms what a great partner they will be.”
