The owner of the racing team that wins the Indianapolis 500 receives the BorgWarner Championship Team Owner's Trophy. Also a replica of the Borg-Warner Trophy, its band of art-deco racing cars is accentuated in gold to symbolize the importance of the team, recognize the importance of the team owner's role in the Indy Racing League, and pay tribute to the value of teamwork in auto racing and the automotive business. It is a companion to the BorgWarner Championship Driver's Trophy.

The BorgWarner Championship Team Owner's Trophy was established in 1998, the year BorgWarner marked its 70th year as a pioneering innovator in the automotive industry and renewed its commitment to product leadership as the strategic focus of its future.

The inaugural BorgWarner Championship Team Owner's Trophy was presented in April 1998 to Fred Treadway of Treadway Racing to commemorate the 1997 Indianapolis 500 victory of driver Arie Luyendyk.