The sanctioning body was formed in 1994 under the name Indy Racing League by Hulman & Company, which also owned the Indianapolis Motor Speedway complex, and began competition in 1996.

It is the fourth major sanctioning body to govern the sport of Indy car racing, following the American Automobile Association's AAA Contest Board, the United States Auto Club (USAC), and Championship Auto Racing Teams (CART), and operated alongside the Champ Car World Series before acquiring the latter.

George blueprinted the IRL as a lower-cost open-wheel alternative to CART, which in his view had become technology-driven and dominated by a few wealthy multi-car teams.

[6] In 1996, CART retaliated by scheduling what was supposed to become its new showcase event, the U.S. 500, at Michigan International Speedway on Memorial Day, the traditional date for the Indy 500.

The IRL's early seasons consisted of sparse schedules and inexperienced teams, with the degradation in quality especially apparent during the Indianapolis 500, which saw a dramatic decline in prestige.

After absorbing Champ Car, the IndyCar Series became what the CART series from which it separated was and its related European open-wheel formula counterparts: former prominent CART teams such as Chip Ganassi Racing and Team Penske are frequent race winners, there is a strong contingent of foreign-born drivers, the cars are increasingly electronic and aero dependent and the schedule includes more road and street courses than oval tracks.

[9] Moving that race, or postponing it, would be required in order to accommodate the Long Beach Grand Prix, which was scheduled for the same weekend.

[10] In February 2008, Indy Racing League founder and CEO Tony George and owners of the Champ Car World Series completed an agreement to unify the sport for 2008.

Compared to road racing venues, the lack of run-offs on oval tracks, coupled with higher speeds due to the long straights and banked turns, means that there is far less margin for error.

Following a series of spectacular high-profile accidents in 2003, including American racing legend Mario Andretti and former champion Kenny Bräck, as well as the death of Tony Renna in testing at Indianapolis, the IRL made additional changes to reduce speeds and increase safety.

The SAFER system research and design was supported and funded in large part by the Hulman-George family and the Indianapolis Motor Speedway.