Shank also spoke on his driver choice, and says that the scrappy Brit is a perfect fit for Michael Shank Racing.

“We said all along that want to put someone in our car that has experience dealing with the pressure surrounding the Indy 500, and Jay Howard is that guy,” he explained. “Jay ran as high as seventh or eighth last year before having a wheel come off after a pit stop, so he’s got the speed. He’ll know how to deal with Bump Day if we have to undergo that pressure cooker, and in general, he knows the task ahead and knows the ropes. That’s s really important for a new team.”

MSR’s current plans involve pulling from a number of resources to staff its Indy 500 program.

“It’s a bit of a melting pot right now,” Shank continued. “We have some full-time guys who are dedicated to our IndyCar program, and once we get clear of the New Jersey GRAND-AM race (on May 13th) then we’ll bring in the rest of the crew that will do pit stops, etc. We’ll add two to four outside team members—engineers, mechanics—to that so it will be a good group of people who know us and how we work. Then we’ll attack it just like we attacked the 24 hours.”

INDYCAR CEO Randy Bernard has also been trying to help the only new entrant for 2012 to find an engine for Indy, and gave his vote of confidence to the only brand-new team to commit to the series.

“I know Mike has spoken with all three manufacturers, and I’m confident something positive will happen,” Bernard told SPEED.com on Monday. “He’s put together a good team and has a good driver and we’d love to have them on the track and ready to qualify for the 500.”

Marshall Pruett is SPEED.com's Auto Racing Editor, covering IndyCar and sports cars. He also contributes to Road & Track and Racecar Engineering. Follow him @MarshallPruett on Twitter.