For Immediate Release
NEW EQUIPMENT FINANCE PLAN FOR IRL TEAMS AVAILABLE THROUGH NATIONAL CITY BANK OF INDIANA
LAS VEGAS, June 27, 1996 -- In a continuing effort by the Indy Racing League to enhance the financial accessibility of top-level open-wheel racing for its competitors, the Indianapolis-based auto racing series and National City Bank of Indiana revealed here Wednesday afternoon a finance plan through the bank available to IRL team owners for the purchase of new equipment for 1997.
IRL teams were doing initial track testing at the new Las Vegas Motor Speedway, a 1.5-mile oval which hosts an IRL race Sept. 15.
The National City IRL Team Loan Program (TLP) information was provided to the owners by IRL officials following the second-day of the first-ever race car testing session at the Las Vegas Motor Speedway. The new 1.5-mile, 107,000-seat oval track north of Las Vegas will officially open Sept. 15 with an IRL race broadcast live on ABC Sports television and the Indianapolis Motor Speedway Radio Network.
Today (Thursday) concludes the initial three-day test which included many IRL teams and a national media day at the track on Wednesday. The next IRL race, which opens the 1996-97 championship season, is the True Value 200 at New Hampshire International Speedway Aug. 18, also on ABC TV and IMS Radio. The IRL currently includes the Indy 200 at Walt Disney World, a 200-mile event at Phoenix and the Indianapolis 500.
The loan program offered by National City could help finance up to 75 percent of the cost of a complete 1997 IRL vehicle set-up (including complete chassis at $263,000 and engines at $75,000 each). New IRL chassis and engine rules come on line in January, 1997. The loan will be repaid over 24 months, with an option to pay interest only for six months at a low floating rate and then convert to a fully amortized term loan at either a low fixed or floating rate. Specific terms and conditions will be tailored to individual applicants.
"This loan program will be helpful and very important to the continued growth of the IRL," said Jack Long, IRL executive director. "Corporate partners like National City provide a firm base on which the IRL can build."
"We applaud the IRL and the Indianapolis Motor Speedway for the creation of this opportunity in racing," commented National City Chairman Stephen A. Stitle. "National City is proud to participate in the future of this venture."
National City Corporation (NYSE:NCC) is a $50 billion diversified financial services company based in Cleveland, Ohio. National City operates banks and other financial services subsidiaries principally in Ohio, Kentucky, Indiana and western Pennsylvania.