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Indianapolis becomes latest city to advance costly stadium development

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Indianapolis becomes latest city to advance costly stadium development


When the full Indianapolis City-County Council on Dec. 4 approved a plan to finance Eleven Park, a $1.5 billion mixed-use development anchored by a minor-league soccer stadium, the vote was nearly unanimous. 

The plan, authorized by Indiana’s General Assembly, carves out a new tax area downtown: the Additional Professional Sports Development Area. It will enable the construction of a new soccer stadium surrounded by 197,000 square feet of stores and restaurants, 600 apartments, 205,000 square feet of offices, at least one hotel, an amphitheater and a concert hall. 

The 20,000-seat soccer-focused stadium will be home to the Indy Eleven, which plays in the USL Championship, considered a Division II league by the U.S Soccer Federation, a step below Division I Major League Soccer.

Bonds are part of the financing plan for a soccer stadium and neighboring mixed-use development under development in Indianapolis.

Indy Eleven

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The developer, Keystone Group, will chip in roughly 20% of the project’s overall cost, or around $300 million. State tax revenues will cover up to $9.5 million more. Beyond state retail and income taxes, local taxpayers will also contribute to the stadium through income taxes, food and beverage taxes within the PSDA and possibly innkeepers and admissions taxes. 

The remaining costs will be financed through bonds issued by the Indianapolis Local Public Improvement Bond Bank. Its executive director and general counsel, Joe Glass, told The Bond Buyer that taxpayers’ contribution to the PSDA and the subsequent bond issuance “would apply specifically to the soccer stadium once a final deal is reached.”

The amount of bond proceeds going toward the project will hinge on a comparison of projected PSDA revenues to the financing costs of the bonds, according to the PSDA plan, and will ultimately be decided by the city and the Capital Improvement Board of Managers of Marion County.  

The PSDA will sit along the White River, on the south side of downtown, bounded by Washington St. to the north and I-70 to the south. The taxing district includes the site of the former Diamond Chain Manufacturing Co. headquarters — abandoned when that company moved operations to Fulton, Illinois — a property that Keystone President and CEO Ersal Ozdemir bought in October 2021, according to the Indianapolis Business Journal. Ozdemir is also chairman of the Indy Eleven.

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Despite the overwhelming City-County Council vote, public support for the project has been mixed.

In 2019, the Sports Innovation Institute at Indiana University-Purdue University Indianapolis polled 840 Indiana residents on the proposed stadium development and found less than a quarter supported using taxpayer funds for the project, with 42% either opposed or strongly opposed.

“Along generational lines, Millennials clearly showed the strongest support for a soccer stadium, followed distantly by Boomers and Gen X,” the institute noted.

Even with Millennial support, the new Indy Eleven stadium still placed last among other local venues in support for taxpayer funding of pro sports arenas.

In 2023, the Eleven averaged 9,709 fans for their home games at the 12,000-seat Carroll Stadium on the campus of Indiana University – Purdue University Indianapolis, according . That put the Eleven in the league’s top three for attendance.

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At the Dec. 4 City-County Council meeting, only Councilor Ethan Evans voted ‘no’ on the PSDA. He chose not to run for re-election in 2023. Evans did not respond to requests for comment.

Economists have found limited economic benefits to municipalities from sports stadiums. In 2019, the Berkeley Economic Review argued that public subsidies for stadiums are driven more by emotional appeals than by real economic benefits.

The journal cited research by Roger Noll and Andrew Zimbalist which found that new sports venues have small-to-negative effects on economic activity and employment; none had earned a “reasonable” return on investment; and none had a self-financing impact on net tax revenues.

“Over the last thirty years, building sports stadiums has served as a profitable undertaking for large sports teams, at the expense of the general public,” the journal observed. “[These projects] can be an obstacle to real development in local neighborhoods.”

Noll, a professor of economics emeritus at Stanford University, said there have been “no significant changes” to the conclusions he and Zimbalist reached in the late 1990s. He said other potential economic benefits from stadiums have since been examined — an increase in property values; a rise in tourism; more businesses opening in the area — with the same results: usually zero benefit, and never enough of a positive impact to justify the public subsidy.

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“Sports facilities have grown much more complex and expensive,” he added. “The present model design is to embed the facility in a much broader local economic development project … The other ancillary developments (residential, retail, entertainment) sometimes are successful, but the incremental value of the sports component is still small and less than the subsidy. [And] the more comprehensive development projects tend to cost more and involve larger public subsidies.”

Impact studies from developers often exaggerate the benefits of these projects, Noll said, but they tend to persuade people who are not fans of the team to support the project. As for opponents of such projects, they seldom triumph over developers — unless the matter is decided directly by voters, as it was recently in Tempe, Arizona, where voters in May rejected a new arena for the National Hockey League Arizona Coyotes.

“Campaign expenditures in favor of the facility typically dwarf expenditures by opponents,” Noll said.

Indianapolis skyline
Downtown Indianapolis may get a $1.5 billion development anchored by a soccer stadium if a final deal goes through.

Bloomberg News

That dynamic is now playing out in cities across the country. Last year, at least a dozen professional sports teams — mainly National Football League and Major League Baseball teams — struck deals for new or renovated stadiums, according to The Associated Press. Most of those deals included state or local bonds.

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In such deals, the financial interests of local communities sometimes clash with the interests of sports team owners, including in Indiana’s neighbor Illinois. 

There the Chicago suburb of Arlington Heights, population roughly 75,000, is still wrestling with the prospect of hosting the Chicago Bears, looking to leave its . The team has promised to convert Arlington Park, a former racecourse, into a $5 billion stadium, entertainment and housing development. A disagreement over the NFL team’s potential property tax bill nearly derailed the deal, which is now apparently back on.

In Pawtucket, Rhode Island, another USL Championship stadium project has experienced a bumpy ride. According to the Providence Journal, municipal adviser Hilltop Securities resigned this August over the terms of a bond offering for a local soccer stadium project, Tidewater Landing. The Pawtucket redevelopment agency marketed the $48.5 million in bonds for the $137 million stadium using a different municipal adviser

A local online news site obtained Hilltop’s letter to city officials through a public records request; Hilltop warned the city against taking on risks such as the fortunes of the soccer team and worried about its “ability to generate the increment to repay the bonds,” as well as pointing to a recent College of the Holy Cross study which found local stadiums falling short of financial projections.

That study, by economists Robert Baumann and John Charles Bradbury, looked at two major publicly-financed developments anchored by stadiums — Polar Park in Worcester, Massachusetts, built for a minor league baseball team that was moved from Pawtucket, and the Major League Baseball Atlanta Braves’ Truist Park in Cobb County, Georgia — and found that both projects had negative returns. It also found that the “ancillary developments” surrounding the stadiums did not improve fiscal returns to municipalities.

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“Analyses using the consultant’s model projected net positive returns from the substantial public investments, which justified the funding decisions of the approving municipal bodies,” the economists wrote. But “analyses derived from the presented pro forma model do not provide credible evidence that these or other stadium developments are expected to produce economic benefits… Policymakers should remain skeptical of projections of large economic benefits from stadium-districts, which supposedly defy the abundance of historical evidence [to the contrary].”

The new USL soccer team, Rhode Island FC, is scheduled to debut March 16. It plans to play its 2024 home games 10 miles away at Bryant University before the stadium in Pawtucket opens in 2025.



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KSR's takeaways from day one of the Indianapolis Nike EYBL session

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KSR's takeaways from day one of the Indianapolis Nike EYBL session


Day one of the third Nike EYBL session — hosted in Indianapolis — of the 2024 season is officially in the books, and KSR had boots on the ground for all of it.

Even though there were only four sets of games (a small amount compared to the rest of the weekend), there was still plenty for us to learn. College coaches were allowed to watch live and in person. Several of Kentucky’s top targets showed out for them, too. We’ve already dropped a couple of interviews from these performances with more on the way. LeBron James and Carmelo Anthony even made appearances at the Pacers Athletic Center. It was a big crowd with plenty of high-level basketball.

And it’s only going to get crazier on Saturday, with games beginning at 8:00 a.m. EST and ending at 6:30 p.m. EST. There’s a lot more basketball in store and we’ll be covering it all on the website and over on KSBoard. While you wait, dive into our top takeaways from Friday’s opening session.

Join the KSR Club! With a KSR membership, you get access to bonus content and KSBoard, KSR’s message board, to chat with fellow Cats fans and get exclusive scoop.

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Mark Pope was in the building

And he wasn’t the only one. When KSR traveled to the first Nike EYBL session last month in Memphis, there were no college coaches. Due to NCAA rules, they are only allowed to attend AAU events during certain days throughout the spring/summer. This weekend in Indy marks the first stretch of days that coaches can sit baseline and watch their top targets in person.

Joining Mark Pope in Indy was assistant Jason Hart. We arrived just in time for the start of Friday’s games and we quickly spotted Pope and Hart roaming the crowds. Pope was — as you might have guessed — constantly being stopped by his fellow coaches and plenty of fans (not limited to Kentucky ones, either). But he was front and center to check out the likes of Caleb Wilson, Jasper Johnson, AJ Dybantsa, Jerry Easter, and more. Hart also made the rounds, sometimes joining Pope and sometimes going off on his own to watch other prospects.

Admittedly, having Pope and Hart to follow around made life much easier for us — we had a clearer idea of who the Kentucky staff was focusing on. But it was also quite strange to see some of the coaches across the country now representing different colors. We saw Orlando Antigua in an Illinois hat, Kenny Payne and Chin Coleman rocking Arkansas gear, and Eric Musselman in a red shirt with a giant USC logo on the front.

It was… weird (No, John Calipari did not make the trip). But it does make for a more exciting atmosphere. Not to say the players didn’t take the games as seriously in the first two sessions, but there is certainly an added sense of competition with the likes of Kentucky, Kansas, and North Carolina watching the action unfold.

— Zack Geoghegan

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Will Riley dropped FORTY-TWO points

In what might have been the most impressive individual performance I’ve ever seen on the AAU circuit, Kentucky target Will Riley exploded during his first game in Indy. I had the chance to watch him impress in Memphis a few weeks ago, but this was another level of elite shot-making.

Riley, a 6-foot-8 wing ranked No. 9 overall in the 2025 class by On3, dropped 42 points in a dominant 100-60 win for UPlay over Team Durant. He missed just one shot, going 15-16 from the field. The lone look he missed came with roughly two minutes left in the game and the outcome already decided. Riley canned all five of his three-point attempts and went a perfect 7-7 from the line. He also chipped in five assists and two rebounds with just one turnover.

It didn’t matter how he got his points either. Whether it was spinning his way into the lane, pulling up from deep, or finishing tough shots at the rim, Riley was giving out buckets to the rotation of defenders that Team Durant unsuccessfully tossed his way. He dared the opposition to bite on his pump fakes (which he sometimes pulled from near-halfcourt — that’s how hot he was) and then left them in the dust when he darted into the paint.

I’m really not sure how else to describe his performance. My vocabulary doesn’t contain the words that would do it justice. Kentucky is high on his list and a visit to Lexington will happen at some point. A reclass to 2024 remains on the table, too. He’s a name to keep a close eye on.

— Zack Geoghegan

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Jasper Johnson caught fire and refused to cool off

The five-star guard has found himself at a unique intersection of blue-chip status and local legacy standout as a Lexington native and son of a former Kentucky football star. That’s a beautiful situation for Mark Pope, who has made it clear he is looking to keep the best high school talent in the state while also recruiting Burger Boys capable of playing anywhere. Jasper Johnson is both — or will be when the selection committee names him a McDonald’s All-American next cycle, rather.

He proved that yet again in Indianapolis, exploding for 20 points while adding three rebounds, one assist and one block in 31 minutes to open the event. It was among the best performances for Johnson in recent memory, knocking down tough, pro-level shots over and over again at all three levels and doing so with ridiculous efficiency. He caught fire and refused to cool off, looking the part as the No. 10 overall prospect and No. 1 combo guard in the 2025 On3 Industry Ranking.

Pope can’t take the best player in Kentucky every single year just because — the scholarship numbers add up quickly, certainly after a few seasons. Johnson doesn’t fit that token in-state category, though, but rather the “one-and-done, Burger Boy” category Pope said he’d continue to recruit at his introductory press conference. He’s a top priority in the rising senior class, and for good reason.

Jack Pilgrim

AJ Dybantsa and Tyran Stokes combine for 52

The Oakland Soldiers have formed a juggernaut on the EYBL circuit, the No. 1 prospects in both 2025 and 2026 teaming up to create the most dominant two-man duo in the country, a continuation of their time together at Prolific Prep this past season in high school.

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AJ Dybantsa is the top rising senior in the nation, a long, athletic and skilled wing with generational upside. Between his shot-making, control, pace and feel beyond his otherwordly physical tools, there’s really not much more you could ever want in a recruit. He went for an impressive 21 points on 6-9 shooting, 1-3 from three and 8-10 at the line while adding four assists, two rebounds, two steals and a block in 26 minutes in a blowout win.

Yet somehow, he wasn’t even the most impressive player on the floor. That honor goes to Louisville native Tyran Stokes, a physically imposing forward with guard skills. He went for an absurd 31 points on 12-17 shooting and 4-4 from three while adding eight rebounds, five assists, one steal and zero turnovers in 27 minutes. It was about as close to a perfect performance you could draw up, the 6-7, 225-pound forward bulldozing his way to the rack with ease while knocking down shots from deep. He’s got a combination of size and raw skill you just don’t come across often, making him a walking mismatch for poor souls hoping to slow him down.

Pope and Jason Hart were in attendance oohing and ahhing each play the duo made on the floor together, drooling over the idea of having the five-stars go back-to-back with each other in Lexington.

Jack Pilgrim



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Colton Herta Paces Fast Friday at Indianapolis, Nolan Siegel Flips on Backstraight

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Colton Herta Paces Fast Friday at Indianapolis, Nolan Siegel Flips on Backstraight


SPEEDWAY, Ind. — With the turbocharger boost increased to qualifying levels, Colton Herta was the quickest car on Fast Friday at the Indianapolis Motor Speedway ahead of the 108th Indianapolis 500.

The No. 26 Andretti Global Honda set a fastest lap of 234.974 mph. That lap was tow-assisted. On the non-tow speed chart, Herta was 10th fastest at 233.084 mph.

IndyCar defines a lap to be assisted by a car disturbing the air in front of them with a tow if a lap is completed within 10 seconds of another car on track.

“Seemed to be lacking a little bit of speed I think on our own,” Herta said. “Obviously the fast lap was a tow lap. Nice to be quickest, but doesn’t really mean much for qualifying. I think we have a little bit of speed to find, unfortunately, but I think there’s a chance if we do everything right, we should be able to make the Fast 12.”

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NASCAR Cup Series racer Kyle Larson was second fastest in his No. 17 Arrow McLaren/Hendrick Chevrolet with a tow-assisted lap of 234.271 mph. Larson was 15th fastest on the non-tow chart at 232.695 mph.

“Today went a lot smoother,” Larson said. “Just more so as planned. Where yesterday did not. I thought with the weather being — the forecast being good, I would get lots of laps, but did not. Was pretty frustrated with things yesterday.

“Yeah, it all went smooth and was good to just get some reps with the boost and feeling all that. Yeah, happy with how it all went.”

Larson’s car needed to have the engine changed, which kept the 2021 NASCAR Cup Series champion in Gasoline Alley for much of the day.

Josef Newgarden was third fastest on the speed chart at 234.260 mph and that lap was the fastest lap on the non-tow speed chart. Newgarden is the defending Indianapolis 500 winner.

“It’s always interesting to see how this shapes up,” Newgarden said. “Friday is one deal, and then tomorrow is going to be where it really comes together and you’re going to see where the field truly stacks up. But I think today is a good indicator, and we feel like we’re in a decent spot. We’re definitely in the mix, which is great to see. We’ve been working the last four years to try and get back into the mix in qualifying.

“Really proud of the team. I think they’ve built fast cars. That’s what happens when you’re quick in qualifying here. It’s about a team effort and building fast cars. It doesn’t matter how good you are. You can’t will the car faster through ability. It is a team effort at Indianapolis.”

Nolan Siegel had the only accident of the day as the No. 18 Dale Coyne Racing Honda spun exiting turn 2. The car hit the outside retaining wall and turned upside down, landing on the roll hoop and the left sidepod about halfway down the back straight. Siegel was seen and released from the medical center.

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“I had one snap of oversteer in the middle that I caught and then turned back in and spun and I’m not exactly sure why,” Siegel said. “Disappointed, feel bad for the team that’s been working so hard for so long for this and just kind of threw it away. So not at all happy about that one but we’ll move forward and see if we can get back out and qualify for the race tomorrow.”

After qualifying ended, each Indianapolis 500 entry drew their position in the qualifying order. Entrants were called up one-by-one in the order of their position on the Fast Friday speed chart.

Kyle Kirkwood was the eighth driver to draw a spot in the qualifying order and he drew the first coin, so he will be the first driver to qualify on Saturday.

The qualifying order for the 108th Indianapolis 500:

Following a practice session from 8:30-9:30 a.m. ET, qualifying will begin at 11 a.m. and will go until 5:50 p.m. with the broadcast ending 10 minutes later.

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All on-track sessions will air live on Peacock.


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When is Indy 500 2024 start time? What to know from schedule, TV blackout, race time, more

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When is Indy 500 2024 start time? What to know from schedule, TV blackout, race time, more


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The 2024 Indianapolis 500 is coming soon. The drivers from the IndyCar Series will seek auto racing’s greatest prize at Indianapolis Motor Speedway.

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Here’s what fans should know, including the race date and time, how to get tickets, who won last year’s race, what’s happening at the track throughout May, and much more. More details will be available as the race nears.

When is the Indy 500?

The 108th running of the Indianapolis 500 is scheduled for Sunday, May 26, 2024.

What is the Indy 500 start time?

The green flag is scheduled to drop at 12:45 p.m. ET on May 26. But there’s a lot happening on the track before the race begins.

Indy 500 tickets

Here’s what seats are available at Indianapolis Motor Speedway. Officials report that just a few seats remain.

What is the Indy 500 race day schedule?

Tickets start at $50

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Public gates open at 6 a.m., and there is a celebrity red carpet, prerace on-track activity and the infield Snake Pit concert.

When is Carb Day at IMS for the Indy 500?

Tickets start at $45

Friday, May 24: Gates open 8 a.m.-6 p.m.; practice is 11 a.m.-1 p.m.; pit stop contest is 2:30-4 p.m. George Thorogood & The Destroyers, Gin Blossoms and Kid Quill are playing the Carb Day concert starting at 4 p.m.

When is Legends Day at IMS for the Indy 500?

Tickets start at $20

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Saturday, May 25: Gates open 8 a.m.-3 p.m.; full-field autograph session 9-10 a.m.; public drivers’ meeting 10:30-11 a.m. Riley Green will headline a downtown concert at Everwise Amphitheater in White River State Park that evening.

Why is the Indy 500 so famous?

The Indy 500 quickly caught on after its inaugural race in 1911 as a way to test drivers, engineers and cars, which had been under mass productions for just a few years. French auto maker Peugeot joined several U.S. companies by entering cars starting in 1913, and members of the Chevrolet came from Switzerland, founded a car company and won the race in 1920. It has been a destination race since.

How many laps is the Indy 500?

200 laps on the 2.5-mile Indianapolis Motor Speedway oval. The track is flat on the straightaways, with gentle 9.2-degree banking in its four turns.

How much does it cost to enter the Indy 500?

In 2024, there are 27 full-time IndyCar Series cars that require up to $10 million to run for a full season. For cars competing only in the Indy 500, it’s believed the cost to in the $1 million-$2 million range.

Is the Indy 500 sold out? How do I get Indy 500 tickets?

Indy 500 tickets for 2024 are available here. The Speedway doesn’t reveal attendance figures, but in recent years the crowd has been estimated at 300,000, though a complete sellout is rare.

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Indianapolis 500 winners

75 drivers from 12 nations, representing five continents, have claimed race wins. Josef Newgarden of the United States won in 2023. The full list of race winners is here.

Indianapolis 500 milk

Indy 500 winners drink milk. Louis Meyer did so first in 1936, asking for buttermilk after crossing the finish line in steamy conditions. Drivers celebrated with milk intermittently until the mid 1950s, when milk producers became a race sponsor. A gulp from a bottle and a large pour over the winner’s head have been a tradition since.

Indianapolis Motor Speedway museum

The museum, located inside the 2.5-mile oval, is closed for renovations. The plan is to reopen in April 2025.

Indy 500 vs. Formula 1

The cars that compete in the Indy 500 are part of the IndyCar Series, a North American open-wheel series. Formula 1 is a worldwide series. Cars competing in the Indy 500 exceed 240 mph on the straightaways at Indianapolis Motor Speedway. F1 cars don’t reach such speeds because they race on road and street courses with frequent turns. Here’s more on the differences between the series.

Is Indy faster than NASCAR?

Stock cars can top 200 mph, but they don’t reach the speeds Indy cars reach. Joey Logano earned the pole position at the 2024 Daytona 500 with a lap of 181.947. Here’s more on the differences between the series.

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Kyle Larson is attempting the Indy 500-NASCAR ‘Double’

The 2021 NASCAR Cup champion is willing to race almost anything with wheels, and this is his first chance in the IndyCar Series. He plans to race 500 miles in Indy, then travel to Charlotte, N.C., to race 600 miles in a Cup car. That’s 1,100 miles total, if he completes the task. Here’s his schedule between Indy 500 and NASCAR duties.

Indy 500 Snake Pit

This year’s lineup of EDM stars includes Excision, Dom Dolla, Gryffin, Sullivan King and Timmy Trumpet.

But why the Snake Pit? It used to be more of an informal title of an infield area where almost anything – anything – could happen. Though Speedway officials made the facility more family friendly, the name lives on in the concert.

What is the Indy 500 pace car?

A Chevrolet Corvette E-Ray, the 21st iteration of the famous Chevy sports car, will lead the field of 33 to green. It’s Chevy’s 35th 500 pace car overall (dating to 1948).

Celebrities at the Indy 500

∎ Indiana Fever legend Tamika Catchings is the 500 Festival Parade grand marshal on Saturday, May 25. Catchings has led child literacy efforts and opened businesses in Indianapolis.

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∎ Jordin Sparks will sing the national anthem for the second time. The “American Idol” winner and actress also sang the anthem in 2015.

How long does the Indy 500 take?

Helio Castroneves completed the 2021 race at 190.690 mph and in 2 hours, 37 minutes and 19.38 seconds, the fastest in race history. Four of the past six races have taken between 2:50 and 3 hours. The more caution-flag laps, or red-flag stops, the longer it takes.

Speed reading: Here are the fastest races in Indy 500 history

What channel is the Indy 500 on?

NBC broadcasts the race, but it’s unlikely to air live in the Indianapolis area.

Viewing/listening options: NBC | Peacock | SiriusXM

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