Tomas Enge is in a stable condition in hospital after his violent accident in Saturday evening's American Le Mans Series race on the streets of St. Petersburg.
The Czech driver crashed his Petersen/White Lightning Ferrari 430 at Turn 4 while leading the GT2 class.
The car sustained heavy damage on the driver's side, and briefly caught fire.
Former Formula 3000, Formula One and IndyCar driver Enge was removed from the car under medical supervision before being transported to the Bayfront Medical Centre.
"Enge suffered serious trama, the extent of which is not known at this time, but was awake and alert during the rescue process," said a team statement.
"He sustained no burns. He will undergo further tests and reviews over the course of the night."
The team are currently investigating the accident, but do not believe that mechanical failure was a factor.
Petersen/White Lightning owner Michael Petersen said that the team was shaken by the accident.
"Obviously, our full attention and all of our thoughts are centred around Tomas right now," he said.
"We are all very relieved that he is stable and alert. It was a very hard hit.
"In the short time he has been with the team he has made a huge impact on all of us as a driver and as a friend. So something like this has a very big emotional impact on you and goes far beyond racing."