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Ryan Hunter-Reay hangs on for Indianapolis 500 victory (VIDEO)

May 25, 2014, 3:20 PM EDT

Ryan Hunter-Reay has captured the 98th Indianapolis 500 in a dramatic finish, holding off a final charge from Helio Castroneves after making a gutsy, outside pass into Turn 1 on the final lap for the lead.

Hunter-Reay held off Castroneves by just 0.0600 of a second, the second-closest finish in ‘500 history (1992), and won after starting 19th on the grid. The win is the first for Andretti Autosport since 2007 (Dario Franchitti) and the team’s third overall.

“It’s a dream come true, man,” RHR told ESPN’s Dr. Jerry Punch in victory lane. “This is just the most fantastic team for what they’ve given me. My dream has come true today and I’m a proud American boy, that’s for sure.”

After a Lap 195 restart, Castroneves and Hunter-Reay exchanged the lead several times. The 2012 Verizon IndyCar Series champion is the first American winner of the Indianapolis 500 since Sam Hornish Jr. in 2006 (which had been the second-closest finish). Unofficially, he should take over the 2014 points lead as well.

Marco Andretti finished third with Carlos Munoz fourth, Juan Pablo Montoya fifth and Kurt Busch sixth in his first Indianapolis 500, before he heads to Charlotte for the Coca-Cola 600.

The race was more or less a fuel mileage battle over the first 149 laps, as the Indianapolis 500 set a record for the longest caution-free stretch in its illustrious race history. All of Hunter-Reay, Castroneves, Andretti, Montoya and Ed Carpenter were realistically in the mix for the lead, depending on when they pitted.

Montoya fell out of the lead pack following a Lap 131 pit stop where he had a pit speed violation, which also hit him at one NASCAR Brickyard 400 a number of years ago. Prior to that, he had been running three to four laps longer over the course of a stint, and was in prime position to win if the race stayed in a green flag flow.

But after Charlie Kimball’s half-spin on Lap 150 exiting Turn 2 brought out the race’s first caution – perhaps mercifully – things got wild, hairy and more yellow the rest of the way.

The fuel strategy game went out the window and by that point, the majority of the field pitted on Lap 153 for four tires and fuel. Carpenter, who didn’t pit on the sequence as he’d pitted eight laps earlier on Lap 145, assumed the lead on the restart.

Carpenter and Hunter-Reay exchanged the lead several times but the race didn’t stay green for long. Scott Dixon made an ultra rare unforced error as he smacked the wall exiting Turn 4, making hard left-side contact with the SAFER barrier on Lap 168.

During the yellow, rookie Martin Plowman contacted Josef Newgarden exiting Turn 3, which put Newgarden out of the race and ended the hopes of the popular “dark horse” pick.

Everyone would be good to go to the finish from there after making stops on Lap 170. Alex Tagliani temporarily stayed out in the second Sarah Fisher Hartman Racing Honda, but pitted on Lap 174 before the restart.

The race’s most controversial incident occurred after the Lap 175 restart. Townsend Bell, who had driven a sterling race to that point in the No. 6 KV Racing Technology Chevrolet, was up to second and was involved in a three-wide scrap into Turn 1 with the top two starters in Ed Carpenter and James Hinchcliffe, who were running third and fourth.

Bell and Carpenter ran two-wide on corner entry with enough room for Hinchcliffe to at least consider sticking his car’s nose in for an attempt. Bell ran high but made slight contact with Carpenter, and Hinchcliffe’s dive into the corner meant that both drivers were out of the race. Bell continued in second behind new leader Hunter-Reay, who inherited the point after Tagliani’s pit stop.

After this accident, the race restarted once more on Lap 180, ran for a furious 10-lap stint, and then was halted again when Bell’s drive ended with contact in Turn 2.

Rather than stay under yellow for an extended period, INDYCAR opted to throw a red flag – similar to what was done at the 2012 season finale at Auto Club Speedway in Fontana, Calif. – to ensure the chance of a green-flag finish.

A final six-lap scrap occurred from there that was more-or-less a slingshot battle, where it seemed that being second was probably a better position than being first. Indeed Hunter-Reay and Castroneves exchanged the lead several times, and despite Castroneves’ final charge he was unable to pass the similar yellow car for the win.

Behind the top six already mentioned – of which four were from Andretti Autosport – Sebastien Bourdais upheld some honor for KVRT in seventh, Will Power ended eighth, rookie Sage Karam turned in a fantastic debut from P31 on the grid to ninth for Dreyer & Reinbold Kingdom Racing with Chip Ganassi Racing (finished ahead of all four Chip Ganassi Racing cars) and JR Hildebrand rounded out the top 10.

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