In 1994, Speedway owner Tony George announced plans for a new series, to be called the Indy Racing League, with Indy 500 as its centerpiece. George announced that he intended to reverse the tide of dramatic cost increases, the decreasing number of ovals in the CART series, and to allow for more opportunity for drivers from USAC sprint-car ranks. Detractors accused George of using the 500 as leverage to allow the Speedway to gain complete control of the sport of open-wheel racing in the United States.