The IndyCar Series (known as the Verizon IndyCar Series for sponsorship reasons) is the premier level of American open wheel racing. The current championship, introduced by Indianapolis Motor Speedway owner Tony George, began in 1996 as a competitor to CART known as the Indy Racing League (IRL). Citing CART's increasing reliance on expensive machinery and overseas drivers, George aimed to create a lower-cost alternative. In 2008, the Verizon IndyCar Series merged with the Champ Car World Series (formerly CART). The series is sanctioned by IndyCar.