Rahal, the 1986 Indianapolis 500 champion, concluded his Hall of Fame driving career in 1998 with 24 victories and 18 pole positions. He started 265 races and produced 177 top-10 finishes and 119 top-five finishes. He also captured the 24 Hours of Daytona (1981) and 12 Hours of Sebring (1987).
Rahal, has been inducted into the International Motorsports Hall of Fame (2004), U.S. Motorsports Hall of Fame of America (2004), Sebring Hall of Fame (2004), Canadian Motorsports Hall of Fame (2010), and the Sports Car Club of America Hall of Fame (2013).
Letterman, an Indianapolis native who has become a television icon, was a regular visitor to the Indianapolis Motor Speedway as a child. The host of the CBS-TV "Late Show with David Letterman" had casual discussions with Rahal since they met in 1986 about his interest in getting involved in racing as a participant. In early 1996, the talk transformed into an agreement as Letterman became a minority-interest owner in Team Rahal.
The team won the 2004 Indianapolis 500 with Buddy Rice behind the wheel.
In 2010, Lanigan joined the team. He's been involved in racing since 1992, when Mi-Jack (one of his companies) sponsored a young Belgian driver by the name of Eric Bachelart in CART. From 2001-06, Lanigan co-owned Mi-Jack Conquest Racing with Bachelart. He also was a partner in Newman/Haas/Lanigan Racing.