Tony George, the founder of the Indy Racing League, has tendered his resignation from the board of the Indianapolis Motor Speedway.

George had remained as a board member despite his term as CEO of the family companies drawing to an end in June last year.

However, George has now elected to sever his ties with the companies with his role within IndyCar now focused on the Vision Racing team.

"As members of his family, we are sorry to see Tony leave," chairperson Mari Hulman George said. "We are grateful for his service to our company as a board member and of course for formerly serving as CEO and president of our companies. I speak for our whole family in wishing him well.

"All of us had hoped that Tony would continue to serve on the board, and we made that clear to him. We are disappointed with his decision to step down despite our wishes."

The companies will replace George in the board at a later date.

"Our company is healthy and is weathering the economic recession well," Hulam George continued. "Jeff Belskus, president and CEO of the Indianapolis Motor Speedway, and Curt Brighton, president and CEO of Hulman & Company, are both doing excellent jobs in guiding our companies through this difficult time. Many hard decisions have been made, and now our companies are well positioned for the future."

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