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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indiana Economic Development Corp. is renting a suite for the Freedom 250 Grand Prix in Washington, D.C. — and we’re all for it.
The Indiana Capital Chronicle reported last week that the state will pay $200,000 for the hospitality suite, a price that includes 30 tickets and food and drinks. The IEDC has the opportunity to buy up to 10 more tickets for $5,000 each.
The IEDC’s charge is attracting businesses to Indiana and growing them once they’re here. The goal is more and better-paying jobs. That means networking with business executives, site selectors and others, and there are few better places than at a D.C. event that is essentially an extension of Indianapolis.
“Indiana’s participation in the Freedom 250 Grand Prix aligns with our role as the nation’s leader in motorsports, automotive innovation and advanced manufacturing,” the IEDC told the Indiana Capital Chronicle in a statement. “As the home of the Indianapolis Motor Speedway, Team Penske and a globally recognized racing industry, it is important that Indiana is represented at an event of this significance.”
We think that’s absolutely right. Indiana’s motorsports industry generates more than $2.75 billion in annual economic impact and supports roughly 11,300 full-time jobs, according to a Performance Racing Industry study. And auto racing is an Indiana calling card.
This race offers IndyCar tremendous exposure. It’s part of the federal government’s celebration of America’s 250th birthday. President Donald Trump and Penske Corp. Chair Roger Penske, who owns the racing league and Indianapolis Motor Speedway, announced the Freedom 250 last January. Since then, IndyCar officials have been racing to get the road course, tickets, suites and more ready to roll on Aug. 22, the day for qualifying as well as a competition between former NASCAR Cup and Indy 500 champions. The Freedom 250 race is scheduled for Aug. 23.
Racer.com reported that Penske Entertainment, the Penske division that owns IndyCar, received 288,000 requests for about 100,000 tickets, which can’t be transferred. Organizers expect to put an additional 4,000 people in suites. It would be shortsighted for the IEDC not to be among those suite holders.
Is $200,000 a hefty price tag? You bet. But the opportunities are hefty, as well.
The key, of course, is using that suite space well. We’re assuming the IEDC and new Commerce Secretary Chuck Goodrich will reserve that space for people who are considering a move to Indiana, exist in the state and are considering an expansion or who are the folks who can help bring more people to the state.
And we think there will be plenty of demand for the tickets. One of the free, general admissions tickets for the event provides no guarantee of a seat. Space constraints mean there are no paddock or pit passes available for the race. And individual tickets to the Champions Club, which offers access similar as one set of suites, costs $5,000 per person for a two-day pass. A suite offers the best opportunity for seeing the race — and a great opportunity for the state of Indiana and the IEDC.•
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