Matt Brabham, grandson of Formula 1 legend Sir Jack, will make his IndyCar debut next season for a new KV-affiliated team in the series' two Indianapolis rounds.
The Team Murray operation has been created by motorsport promoter Brett Murray of the BAM Group of media companies.
Murray will join forces with Kevin Kalkhoven and Jimmy Vasser's KV Racing Technology squad to run Brabham in next May's IndyCar race on the Indianapolis Motor Speedway road course and the Indy 500.
Brabham's father Geoff was a CART Indycar regular in the 1980s and early 90s.
His 21-year-old son claimed USF2000 and Pro Mazda titles before graduating to Indy Lights last year and winning on the Indy road course.
"For me the Indianapolis 500 is everything," said Brabham, who also appeared in Formula E with Andretti Autosport last season.
"Obviously my family history at this famous racetrack is well documented, with my grandfather Sir Jack racing the first rear-engined car into ninth place in 1961 and my dad Geoff had his last start in the race the year before I was born.
"Just the thought of making my Indy 500 debut in the 100th anniversary of the Indy 500 makes my heart rate go up.
"As we head into Turn 1 I'll have my dad on my shoulder, Sir Jack in my heart and the rest of my family, friends and supporters along for the ride."
Murray was involved in the promotion of long-time CART venue Surfers Paradise in his native Australia, and said his new Pirtek-backed operation was a dream come true.
"I have had a dream of having my own car in the Indy 500 since before Matt was born and Matt has had a dream of being a starter in the 500 since he was old enough to get behind the wheel," said Murray.
"I made a promise to Sir Jack before he passed away that I would do what I could to help Matt's career.
"If you are going to enter into such a programme, you need to do it with people you trust and who share a similar passion.
"So that made KV Racing the natural choice for us because of my long-term personal and professional relationships with Kevin and Jimmy."
If Brabham qualifies for the Indy 500, his family will become the third to have three generations of starters in the race, following the Vukovichs and Andrettis.