The speedway was conceived by Indianapolis businessman Carl G. Fisher, who first developed the idea in 1905 after observing the superiority of European automobile design. Fisher visited the Brooklands circuit outside London in 1907, and the banked layout he saw there solidified his determination to build an American equivalent. In December 1908 he persuaded James A. Allison, Arthur C. Newby, and Frank H. Wheeler to join him in purchasing 328 acres of farmland for $72,000. The Indianapolis Motor Speedway Company was incorporated on 20 March 1909 with a capitalisation of $250,000.
Construction began in March 1909 and required 500 labourers, 300 mules, and steam-powered machinery. The track surface was initially packed gravel and limestone sealed with taroid, which proved unsuitable for racing. The speedway was subsequently paved with approximately 3.2 million bricks, giving rise to its enduring nickname, "The Brickyard." A short stretch of brick at the start-finish line is still preserved. The first balloon competition was held on 5 June 1909, drawing a reported 40,000 people; the first motorcycle races took place on 14 August 1909.
The facility was second-owned by World War I flying ace Eddie Rickenbacker from 1927 to 1945, and was purchased after World War II by Tony Hulman. The Hulman-George family owned the track for three generations from 1945 to 2019, when it was acquired by Roger Penske's Penske Corporation. As of July 2025, Fox Corporation holds a 33% stake in Penske Entertainment group.
The oval is a 2.500-mile (4.023 km) rectangular circuit whose fundamental dimensions have not changed since 1909. It features two 0.625-mile straightaways, four geometrically identical 0.250-mile turns, and two 0.125-mile short chutes between turns 1 and 2 and between turns 3 and 4. The turns carry 9°12' banking, considered relatively flat by American standards.
An FIA Grade One infield road course was completed in 2000, measuring 2.605 miles and incorporating part of the oval including the main straight and southwest turn. The road course layout was subsequently modified in 2008 and again in 2014 to accommodate motorcycle racing and improve competition. The current grounds cover over 559 acres, expanded from the original 320 acres.
The speedway is the permanent home of the Indianapolis 500, first held in 1911 and run every year on or near Memorial Day. NASCAR has raced at the venue since 1994, with the Brickyard 400 and the Pennzoil 250 among its events. Formula One's United States Grand Prix was held at the speedway from 2000 to 2007, and MotoGP's Indianapolis motorcycle Grand Prix ran from 2008 to 2015. The IndyCar Grand Prix, run on the infield road course, has been a regular fixture in recent years. The venue also hosted the opening ceremonies for the 1987 Pan American Games.
The speedway infield contains the Indianapolis Motor Speedway Museum, which opened in 1956 and moved to its current infield building in 1976. The museum houses the Hall of Fame and a collection covering the full history of the venue. The Brickyard Crossing Golf Resort, on the grounds since 1929, has 14 holes outside the track and four in the infield. The site receives approximately one million visitors per year and describes itself as the "Racing Capital of the World."
The garage area is known as Gasoline Alley, a nickname that predates the switch from methanol — and later to ethanol — as the race fuel for the Indianapolis 500.
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