IMS Announces Record Purse for Indy 500

24 May 1997

	RECORD PRIZE FUND POSTED FOR 1997 INDIANAPOLIS 500

For Immediate Release

INDIANAPOLIS, May 23, 1997 -- It wouldn't be difficult to envision the
Indianapolis Motor Speedway as Fort Knox and Brinks trucks rolling around
instead of high-powered race cars.  For the second consecutive year the
total purse for the Indianapolis 500 is expected to exceed $8 million -- the
richest race in the world.

The '500' coffer is made up of $100,000 in lap prize money, $1,777,250 in
designated awards and the balance, to be determined following the race,
contributed by the Indianapolis Motor Speedway.  The total designated awards
figure, which includes contingency and special incentive, is an increase of
$247,000 over 1996.

A record of more than 70 companies are participating in the Indy 500 awards
program.  PPG Industries, Inc. leads the way with a  $595,000 offering.
Pennzoil Products Company is contributing $170,000 and Borg-Warner serves
$130,000 to the winner with an additional $60,000 if Hemelgarn Racing's
Buddy Lazier duplicates his '96 visit to victory lane.

"We are delighted with this year's Indy 500 awards program," said Kurt
Hunt, Indianapolis Motor Speedway's Director of Marketing Services.  "When
you welcome 12 new companies as sponsorship partners and have a significant
increase in posted prize money, it speaks volumes on the health of our race.
The Indianapolis 500 will continue to grow and maintain the reputation as
the greatest spectacle in racing."

Also, composing the spoils of victory in this year's event will be a
Jacuzzi custom  portable spa, an Indy 500 limited edition luxury boat from
Thunderbird Products valued at $85,000 and a replica pace car Oldsmobile
Aurora worth $36,000 -- all to the winner.

Earlier this month $215,000 in qualifying awards were earned with
pole-sitter Arie Luyendyk of  Treadway Racing collecting $100,000 and
driving home a $40,000 Chevrolet van.

...97IMS-16...