CFH Racing re-signs Josef Newgarden for 2016 IndyCar season

The 24-year-old had a breakout 2015, scoring two victories - the same tally as Juan Pablo Montoya, Will Power and Graham Rahal, among others - and topping the field in laps led.

He was known to have been in contact with at least one of the series' traditional big teams over the past couple of months, however the lack of open seats at Penske and Ganassi for next year - coupled with the budget that would be required for a move to Andretti - meant remaining at CFH was always his most likely option.

"I am very excited to be back at CFH Racing," said Newgarden.

"It all really comes down to the confidence and belief that our owners have in me.

"They've given me all of the tools I could ask for to drive a race car and to be successful.

"It's easy to be excited about coming back to work with this group knowing the level that we are operating at.

"I can see the capabilities that we have and I think we are going to be able to fully execute in 2016."

Team co-owner Ed Carpenter said he hopes that the renewal of Newgarden's contract will be another step toward keeping him with the team in the long term.

"It was great to finalise a deal with Josef to keep him with CFH Racing for 2016," Carpenter said.

"Just as he was a priority to sign before this past season, he was a priority for us again this year.

"We are focused on becoming a force in the IndyCar Series and we see Josef being a large part of that.

"It is our intention to have him in a CFH car for a long time."