1909 Balloon Race

The first competition at the Indianapolis Motor Speedway was a national championship gas filled balloon race organized by Speedway President Carl Fisher. Fisher and his co-founders James Allison, Frank Wheeler and Arthur C. Newby were anxious to recover their investments in the Speedway. Since construction of the track did not begin in earnest until April 1909 it took months to prepare the track for motorized competition. Fisher, fascinated with aviation, sought to host the national championship balloon racing competition - and generate revenue for the Indianapolis Motor Speedway Company. He formed the Aero Club of Indiana, became the 21st person to earn a balloon pilot's license in the United States and worked with mentor George Bumbaugh to develop balloon vehicles. Their craft was called the Indiana and together they survived a harrowing ride through turbulent wind currents.

Fisher's First Hand Account of 1909 Balloon Race

This article is nothing short of fantastic. It's not in the best of shape, and there are pieces of it that are impossible to read, but most of it is legible. Written by Indianapolis Motor Speedway founder Carl Fisher, it was a lengthy feature printed in the Indianapolis Star Sunday edition on June 29, 1909. Fisher provides a first hand account of his participation in the Indianapolis Motor Speedway's first competition of any kind, the June 5 national balloon competition. His ride with his ballooning mentor, George Bumbaugh, was nothing short of harrowing.
George Bumbaugh Takes Flight at 1909 State Fair

In October 1909 - at the Indiana State Fair - Carl Fisher's ballooning mentor put on an exhibition of one of his giant gas balloons. This brief article with image notes the event.