LAS VEGAS – Two-time Indianapolis 500 winner Dan Wheldon has died following a horrific crash at the Las Vegas Indy 300 Sunday afternoon.

Wheldon, who won his second Indianapolis 500 this past May, was involved in a 15-car crash just 12 laps into the season finale for the IZOD Indy Car series.

The well-like driver was racing for a shot at a $5 million bonus at the Las Vegas Motor Speedway when he was caught up in the massive accident that propelled his car into the catch fence just outside of Turn 2.

He was transported to the hospital by helicopter as the race was red flagged. Two hours after the race was stopped, series officials announced that he had been killed and that a 5-lap tribute would be given to him by the remaining drivers.

“IndyCar is very sad to announce that Dan Wheldon has passed away from unsurvivable injuries,” IndyCar Series CEO Randy Bernard said. “Our thoughts and prayers are with his family today. IndyCar, its drivers and owners, have decided to end the race. In honor of Dan Wheldon, the drivers have decided to do a five-lap salute to in his honor.”

The remainder of the race was canceled.

Dario Franchitti, who was not caught up in the accident, won the series championship. He an Tony Kanaan made the announcement to the other drivers.

Wheldon, from Emberton, England, was the 2005 series champion.