Momentum of putting an event on in South America picked up significant steam late last year, with Miles telling Motorsport.com “it’s all in good shape” in November.
Plans were taking shape to hold a non-points race at Autódromo Termas de Rio Hondo, in the province of Santiago del Estero, in fall 2024 after the conclusion of the championship season.
It became understood that Ricardo Juncos, co-owner of Juncos Hollinger Racing, was part of a private group and working with the local government as part of a promotional effort to bring IndyCar to his native country.
Juncos was part of the early process of garnering interest after putting on an exhibition event in November 2022 with his team and Agustin Canapino, a multi-time champion in the country’s touring car series who had yet to make the full-time switch to IndyCar.
From there, discussions accelerated to the point that Miles and other members of Penske’s leadership traveled to the venue last March to tour the facility.
Although the chances for North America’s premier open-wheel championship to have an event outside its continental borders since São Paulo in 2013 had been tracking in a positive direction, there was a decision to pause efforts until the conclusion of the presidential election held in mid-November, which led to libertarian economist Javier Milei being voted into office.
At the time, Miles stated “the election shouldn't be good or bad determinative as to whether or not we in fact can pull this off.”
However, the days since have proven otherwise.
The economic crisis plaguing Argentina led to government spending cuts under the country’s new leadership.
The situation resulted in MotoGP recently deciding to cancel its round at Autódromo Termas de Rio Hondo set for April, as the event is heavily funded by the government.
During a media availability on Wednesday, which primarily focused on changes to the 2024 season finale involving Nashville, Miles provided the latest update on IndyCar going to Argentina.
“Observers have noticed that it's difficult to do business right now in Argentina, so I don't see it as a viable option for this year,” Miles said.
“I think everybody understands that Ricardo Juncos has been our strong advocate and prospective promoter if we could do an event in Argentina. He's there now assessing the situation, talking to the elected officials and policymakers.
“It's an ongoing conversation, but I don't think it's feasible for 2024.”
