By alley - May 10, 2017, 12:15 PM ET

Saavedra confirmed in Juncos' second 500 entry

As previously reported by RACER

, Sebastian Saavedra has been confirmed in Juncos Racing's second entry in the 101st Indianapolis 500, joining 2015 Indy Lights champion Spencer Pigot for the month of May.

Saavedra, 26, will be behind the wheel of the No. 17 joint entry formed by his longtime backer Gary Peterson of AFS Racing and Ricardo Juncos. A veteran of 60 Verizon IndyCar starts, he has made five previous Indy 500 starts with a best finish of 15th in 2014.

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"I am pleased to announce that Sebastian Saavedra will drive the No. 17 AFS/Juncos Racing in the 101st running of the Indianapolis 500," team owner Ricardo Juncos said. "Sebastian's IndyCar oval and Indy 500 experience will be an asset for our team especially considering that this will be our first year at the Indianapolis Motor Speedway.

"I want to thank AFS owner and co-entrant of the AFS/Juncos Racing car, Gary Peterson, for making this relationship possible. Gary also has a lot of experience at the Speedway which I know will be helpful to our effort. I also want to thank the management of the Indianapolis Motor Speedway, the Verizon IndyCar Series and Chevrolet for their advice and support as we embark on this adventure."

The 2017 Indy 500 marks Saavedra's return to Verizon IndyCar Series competition after a one-year hiatus, during which he's made appearances in Global Rallycross and IMSA's WeatherTech SportsCar Championship.

"I am very excited about this opportunity," said Saavedra. "We have been working on this project for some time now and making it a happen is a great feeling for all the parties involved. I feel very blessed to have such a unique and special relationship with AFS for nine consecutive years, in particular with ''The Boss' Gary Peterson. After a year off, it is gratifying to be back on the racetrack. This is something I am very proud off and looking forward to.

"I want to thank Ricardo [Juncos] and the whole Juncos Racing organization. Back in January going into the new Juncos Racing shop and seeing the great manpower and the facilities gave me a lot of confidence. I'm approaching this year with the right mindset. I am looking forward to a strong month of May for both AFS and Juncos Racing."

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Peterson said, "I am proud to have supported Sebastian for the last nine years. He was very young when we first started together, but has worked hard to get where he is today. I also look forward to working with Ricardo Juncos. This is Ricardo's first time at Indy and hopefully my experience there will be of assistance to him. I look forward to seeing where this relationship goes from here."

Marshall Pruett contributed to this report.