Helio Castroneves Stepping Down as Full-Time IndyCar Racer, Will Take on Ownership Role

Four-time Indianapolis 500 winner Helio Castroneves will seek a fifth victory in the Memorial Day classic in 2024, but he won’t compete full time in the NTT IndyCar Series, electing instead to become a minority owner in Meyer Shank Racing that will have Tom Blomqvist as a full-time driver next season.

“Jim (Meyer) and I went back-and-forth … and was convinced that he (Blomqvist) would do well to make this time ready for him to move to the IndyCar Series,” Michael Shank says.

The 29-year-old Blomqvist describes the move as a “step up” in terms of “career trajectory.”

“It’s been almost nine, 10 years since I stepped foot properly in a single seater series,” Blomqvist says. “I grew up with the goal of chasing that Formula One dream and I sidestepped it for quite a while. I’ve got a huge challenge ahead of me, a very steep learning curve.”

Blomqvist made his IndyCar debut last month in Toronto with a 25th-place finish.

Helio Castroneves plans to continue his quest for a fifth Indy 500 win.Jamie Squire – Getty Images

Even though the 48-year-old Castroneves is stepping away from competing full-time in IndyCar, he quickly notes he isn’t retiring. That his new role as team co-owner and driver coach won’t prevent him from competing in other series. He’s still interested in competing in the Daytona 500, IMSA and the SRX Series. Shank also says that if Meyer Shank Racing fields an entry in the Rolex 24 in January that Blomqvist and Castroneves will be on the team’s driver roster.

“I still have a lot of fire inside me. A lot of energy that I want to burn, but now I’m going to focus that burn in the Indy 500,” Castroneves says.

When Meyer and Shank formed the team, they created a road map for the operation. At the five or six year point their plan was to have two full-time Indy Cars and run a third in the Indianapolis 500. However, they realized as soon as Castroneves won the Indy 500 in their car in 2021 that he possessed numerous attributes their team needed.

“There is nobody in this paddock, in my mind, more recognizable or better with media folks or sponsors or corporate partners, especially, (than Castroneves), Shank says. “From that minute forward, we knew that we were going to need someone … to fill an ambassador role, a coach role. He really gets the business side of what we do. His network is huge. I thought he was one of the missing pieces (in our operation).”

In regards as to who will drive MSR’s second Indy Car full-time, that’s still on hold.

Simon Pagenaud, who was injured in a horrific crash at Mid-Ohio, continues his recovery.

“He is progressing very well,” Shank says. “He’s going to do it on his schedule and the physicians that are looking after him. When it’s time, it’s time. I have no idea when. It’s his body’s schedule right now and we’re not going to push any of that.”