We issued a press release today covering the new Spec MX-5 Challenge 2020 Championship prize fund. The $100,000 fund is designed to be attractive to a range of drivers and is supported by Toyo Tires, Mazda and Pagid Racing. The release has the details.
Toyo Tires Enhances Spec MX-5 Challenge Prize Pool
November 15, 2019 (AUSTIN, TX) — Spec MX-5 Challenge, LLC is pleased to announce that Toyo Tires has been selected as the presenting sponsor of Spec MX-5 Challenge in 2020. The series will be known as the Spec MX-5 Challenge presented by Toyo Tires.
Part of the value for drivers in the Spec MX-5 Challenge presented by Toyo Tires is a significant championship prize pool. To help generate a six-figure pool, Spec MX-5 Challenge, LLC has worked with Toyo Tires, Mazda and PAGID Racing. These sponsors have enabled the series to guarantee a minimum of $50,000 in prize money for the 2020 championship winner.
Accelerating Prize Fund
In addition, Spec MX-5 Challenge has developed an exciting accelerating prize fund model, new to motorsports and modeled after the gaming industry. To grow the prize pool to $100K in 2020, Spec MX-5 Challenge will contribute part of its revenue from participation to the prize pool. The larger the turnout for the National Series and the Invitational Option, the more money accrues in the prize pool. “As we add drivers and sponsors to the National and Invitational Marquee events, we will build the prize pool and announce the prize speedometer status periodically so that interested drivers can track the total amount of money on offer. Drivers can visit SpecMX-5.com to see the latest status of the speedometer,” said Tom Martin, director of Spec MX-5 Challenge. “As the prize pool grows, we will fund prizes beyond the scholarship for the 2020 Champion,” noted Martin.
The basic prizing works like this:
- $50,000 in prize money is guaranteed for the Spec MX-5 Champion
- As the prize pool rises above $50k through entries and sponsorships, it will be apportioned to other winners.
- 50% of the amount above $50k will go to the P2 winner (target payout: $25k)
- 30% of the amount above $50k will go to the P3 winner (target payout: $15k)
- 10% of the amount above $50k will go to the season Masters Award winner (target payout: $5k)
- 10% of the amount above $50k will go to the season Emerging Talent Award winner (target payout: $5k)
- The prize fund is capped at $100k
Spec MX-5 Challenge, LLC will charge a $1500 registration fee to racers for the championship event; this is in addition to the sanctioning body’s entry fee. In addition, racers in the East and West Regional Series pay a nominal administration fee to register their points. To help put as much money as possible in the prize pool, Mazda is subsidizing racer’s registration and administration fees by paying Spec MX Challenge, LLC $150 for each top 10 finish during any of the 10 marquee events (20 races) by a given racer who competes in the championship event.
Current Prize Speedometer: $58,500
“Toyo Tires has made a significant contribution to the prize fund for Spec MX-5 Challenge,” said Martin. “Combined with the support of Mazda and PAGID Racing, we are pleased to say that the prize fund speedometer currently stands at $58,500. With the many driver applications we are receiving weekly, and over 20 car builds we are currently aware of, we are confident the prize fund will grow each month leading up to the start of the season in April 2020,” he added.
About Spec MX-5 Challenge
Positioned between Spec Miata and Global MX-5 Cup, Spec MX-5 cars are carefully developed for pace, affordability and fun. Spec MX-5 Challenge gives drivers a new rung on the ladder system toward pro racing that will yield over $100k in winnings to top participants. With a variety of service packages, and race car sharing or ownership, Spec MX-5 Challenge is a cost-effective group of regional and national events focused on driver development.
Toyo Tires’ Proxes RR was recently selected as the spec tire for Spec MX-5 racing, including the Spec MX-5 Challenge. The Proxes RR is also the spec line tire for Spec MX-5 racing in the SCCA STL class and is the preferred tire for Spec MX-5 racing in NASA ST5 competition. The Spec MX-5 program is designed around delivering value to racers, and the Toyo Tires Proxes RR program for Spec MX-5 is designed for lower run cost and lower cost per weekend. The Proxes RR has long-life characteristics so that drivers can, in many cases, run multiple races on a set of tires. In addition, by specifying one tire make and type for Spec MX-5 Challenge Marquee events with both SCCA and NASA, SCCA STL racing, and NASA ST5 racing, drivers can double dip and only have to own and learn one type of tire.
To learn more about Spec MX-5 Challenge, read our FAQ.