The Indianapolis Motor Speedway Museum is launching a capital campaign to fund an $89 million renovation, the museum announced. In addition to revamped displays and exhibitions, the project will also include a new car and equipment restoration facility.
When completed, the re-imagined museum will offer several new experiences, including seven permanent and three rotating galleries, new displays for racing artifacts, behind-the-scenes tours, a racing simulator, a pit stop demonstration and more, the museum said.
Since the capital campaign’s launch in early 2023, the IMS Museum has already achieved 51% of its $89 million goal, with $46 million committed.
A portion of the previously committed funds includes a $20 million grant from Lilly Endowment that will be used to create a dedicated STEAM (Science, Technology, Engineering, Art and Math) classroom at the IMS Museum that will feature educational resources and programs. Additionally, $5 million of the grant is conditioned on a $1-to-$1 match, which is designed to help the IMS Museum galvanize additional support, the museum said.
Of the $89 million capital campaign total, $64 million is earmarked for the interior of the IMS Museum building, including new infrastructure and technology to create the exhibitions and experiences, museum representatives said. Part of the second phase of the project will be a new $15 million automobile and equipment restoration facility allowing visitors to tour and see automobile restoration work being done in real-time.
The IMS Museum will also dedicate $10 million toward the creation of an endowment, allowing the Museum to acquire additional artifacts, the museum said. The closing of the IMS Museum for construction will occur in phases, beginning in October 2023 with the closing of the basement exhibit area. The Museum will completely close to the public in November 2023 and remain closed until April 2025 when the newly renovated IMS Museum will re-open in time for the 109th Running of the Indy 500.