George Resigns From Hulman & Company
TERRE HAUTE, Ind. — While officials maintain IndyCar is not for sale, Tony George’s resignation from the Hulman & Company board of directors Friday may have been the next chip to fall in George’s interest in regaining control of the series.
George’s resignation was accepted by the board of directors Friday, ending a week in which he had inquired about the possibility of buying the series and was told by Hulman & Company President and CEO Jeff Belskus that the sanctioning body is not for sale.
According to published reports, George who stepped down from his positions as CEO of Indianapolis Motor Speedway and IndyCar, which he founded in 1994 as the Indy Racing League.
“Tony George has made the difficult decision to resign from the board because of his involvement with a group that has recently expressed an interest in purchasing the Hulman & Company-owned IndyCar organization,” said Jeff Belskus, Hulman & Company president and CEO. “While the business is not for sale and no offers to sell it have been considered or are being considered, we applaud Tony’s efforts to resolve the appearance of a conflict and appreciate the gravity of this decision.”
George played an instrumental role in Hulman & Company over the last two decades, serving as president of the Indianapolis Motor Speedway from 1990-2004 and serving as IMS chief executive officer from 1990-2009. He also served as CEO of IndyCar from 1994-2009 and previously served as president of Hulman & Company.
“I realize that my recent efforts to explore the possibility of acquiring IndyCar represent the appearance of a conflict, and it is in everyone’s best interest that I resign from the Hulman & Company board,” George said. “It goes without saying that I want to do what is best for this organization.”
Belskus indicated there is no immediate plan to fill the vacancy left by George’s resignation and thanked George on behalf of the entire Hulman & Company board. George is the son of Mari Hulman George, who is chairman of the company’s board. Other board members are Nancy L. George, M. Josephine George, Katherine M. George-Conforti, Andre B. Lacy, Michael L. Smith, John F. Ackerman, Jeffrey G. Belskus, Mark D. Miles and James T. Morris.
According to published reports, George was working with several current stakeholders in the IndyCar Series, in an attempt to purchase the series.