The 2002 Indy Racing League (IRL) was one of transition, with two reigning CART championship teams, Team Penske and Target Chip Ganassi Racing, joining the series with full time entries. The Oldsmobile engine was rebranded as a Chevrolet, and both Honda and Toyota announced their participation in the series starting in 2003 while Infiniti announced its withdrawal.

Chip Ganassi Racing, LLC (CGR), also sometimes branded as Chip Ganassi Racing Teams, is an American auto racing organization with teams competing in the NTT IndyCar Series, IMSA WeatherTech SportsCar Championship and the FIA World Endurance Championship. They have formerly competed in the NASCAR Cup and Xfinity Series, Global Rallycross Championship, Extreme E and the Rolex Sports Car Series. It was founded in 1990 by businessman and former racecar driver Chip Ganassi from the assets of Patrick Racing to compete in the CART IndyCar World Series.