New team joins Indy Pro Series

SpeedWorks LLC, an Indianapolis-based race team, today announced the formation of a new Indy Pro Series team with the intent to compete in the 2007 season that starts March 24 at Homestead-Miami Speedway. In launching the team, SpeedWorks acquired the assets of Duesenberg Racing and Dave McMillan Racing, including chassis, equipment and transport vehicles. SpeedWorks LLC is co-owned by two-time Indianapolis 500 championship crew chief Peter Parrott and retired Michigan venture capitalist Hayden Harris.

SpeedWorks' entry in the Indy Pro Series program will bring Parrott and four-time Indy 500 champion Rick Mears together again. Mears serves as the Indy Pro Series' driver coach and Parrott was his crew chief for nine years, which included two "500" victories, two national championships and 23 victories. The Indy Pro Series was founded in 2002 by the Indy Racing League in order to provide young, open-wheel drivers with an established career path to the IndyCar® Series and the Indianapolis 500.

"This reaches one of our strategic business goals, which is fielding a competitive race team that has the potential to win an Indy Pro Series championship," said Parrott in announcing the team. "We have been meeting with drivers as well as talking to potential sponsors, and we are gearing up to run at Homestead."

"It's great to be back in the IndyCar Series family again and I'm looking forward to building a championship-contending IPS team with Peter," Harris said. "Besides having a goal of contending for the IPS title this year, SpeedWorks is looking hard at a potential Indianapolis 500 entry as well. I think we have a great shot at both."

Parrott and Harris are not newcomers to the motorsports business. Parrott started his racing career in England on the Formula One circuit with teams that won three World Championships. He moved to the U.S. and joined Team Penske in 1978 where he had numerous victories as crew chief for Rick Mears and Al Unser, Sr. During these years, Parrott ensconced himself in the Indianapolis 500 Hall of Fame Museum as the only two-time winner of the Premier Mechanical Excellence Award. After Team Penske, he served as team manager for the Factory Porsche PPG Indy team, Vince Granatelli Racing and Mo Nunn Racing teams.

Harris has a passion for anything with speed. He has competed in inboard hydroplanes, Midgets and Sprint cars in USAC and the CRA, aerobatic biplanes and open wheel race cars. He has been a co-owner of IndyCar Series and Indy Pro Series cars piloted by Alex Barron, Ronnie Johncox and Thiago Medeiros. Harris' inaugural Indianapolis 500 was in 2002 as co-owner of the Blair Racing Team where the team garnered a fourth-place finish with Barron. Harris, General Partner Emeritus for the EDF Venture capital funds based in Ann Arbor, MI, currently is a board member or advisor for four portfolio companies. He serves on the Board and Executive Committee of the Michigan Economic Development Corporation and was former chairman of McLaren Performance Technologies, the U.S. division of Bruce McLaren's racing operations. IRL