IndyCar »

Tony George quits board of series owners

Tony George has resigned from the board of IndyCar Series owners Hulman & Company, citing a conflict of interest with his involvement with a buy-out bid by team owners.
Tony George has left the board of Hulman & Company with immediate effect, citing a potential conflict of interest between his remaining on the board of the owners of the IZOD IndyCar Series and his involvement with a takeover bid by a group of team owners.

The announcement was made on Friday afternoon, and was the first official confirmation that George was indeed fronting a buy-out bid for IndyCar by a number of team owners.

However, in making the announcement, Hulman & Company president and CEO Jeff Belskus insisted that the series was not for sale and that the owners were not considering any offer that had been submitted to it for a buy-out by any party.

"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 Belskus.

"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," he added.

George was previously president of the Indianapolis Motor Speedway from 1990-2004 which is also owned by Hulman & Company. He set up the Indy Racing League which split away from CART as the sanctioning body of open wheel racing in the US leading to a decade-long schism in the sport until reunification in 2008. George also set up and ran Vision Racing, and is now co-owner of Ed Carpenter Racing with his stepson, owner-driver Ed Carpenter.

"Tony has been involved with our businesses for many years and has contributed significantly through his leadership role with IMS and IndyCar and as a member of this board," said Belskus, who added that George's place on the Hulman & Company board woud not be filled. "We wish Tony much success in the future."

In response, George said in a statement: "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.

"It goes without saying that I want to do what is best for this organisation," he added.

The latest round of takeover rumours surfaced in the Sports Business Journal at the beginning of October, with the newspaper's sources stating that the board of Hulman & Company had received a definite takeover offer from an investment group said to include Chip Ganassi, Roger Penske, Michael Andretti and Kevin Kalkhoven (co-owner of KV Racing Technology), and fronted by George.




Related Pictures

Click on relevant pic to enlarge
Randy Bernard at the announcement of the GoDaddy.com IndyCar Challenge. [Photo Credit: Jim Haines for IndyCar Media]
IndyCar Series CEO Randy Bernard [Picture credit: IndyCar Media]
Polesitter Ryan Briscoe celebrates after qualifying for the 2012 Indianapolis 500. 12-27 May, 2012, Indianapolis, Indiana, USA. (c) 2012, Michael L. Levitt LAT Photo USA  (Photo Credit: INDYCAR/LAT USA)
Mari Hulman George at Indianapolis. (Photo Credit: Ron Mulqueeney for IndyCar Media)
Indy Racing League. 20-21 June 2009. Iowa Corn 250.  Iowa Speedway. Newton, Iowa USA. Tony George and Ed Carpenter.
A special message for James Hinchcliffe during the Indianapolis 500 Victory Banquet at the Indianapolis Motor Speedway. (Photo by: Chris Jones for IndyCar Media)
Juan Pablo Montoya celebrates with team owner Roger Penske after winning the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Joe Skibinski for IndyCar Media)
Accident for Sage Karam on the first lap of the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Mike Young for IndyCar Media)
Oriol Servia accident during the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Mike Young for IndyCar Media)
Justin Wilson at the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Eric Anderson for IndyCar Media)
Juan Pablo Montoya celebrates after the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Chris Owens for IndyCar Media)
Juan Pablo Montoya celebrates after the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Chris Owens for IndyCar Media)
Juan Pablo Montoya celebrates after the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Eric Anderson for IndyCar Media)
Juan Pablo Montoya, driver of the #2 Verizon Team Penske Chevrolet V-6 IndyCar, and his team perform the traditional kissing of the bricks after racing to victory Sunday, May 24, 2015, winning the Indianapolis 500 at the Indianapolis Motor Speedway in Indianapolis, Indiana. Montoya went from near-last to first, winning the Indy 500 for the second time in his career. Chevrolet powered the top four cars in the race. (Photo by Michael L. Levitt/LAT for Chevy Racing)
Juan Pablo Montoya, driver of the #2 Verizon Team Penske Chevrolet V-6 IndyCar, drinks the traditional bottle of milk while celebrating his victory Sunday, May 24, 2015, winning the Indianapolis 500 at the Indianapolis Motor Speedway in Indianapolis, Indiana. Montoya went from near-last to first, winning the Indy 500 for the second time in his career. Chevrolet powered the top four cars in the race. (Photo by Phillip Abbott/LAT for Chevy Racing)
Juan Pablo Montoya, driver of the #2 Verizon Team Penske Chevrolet V-6 IndyCar, celebrates his victory Sunday, May 24, 2015, winning the Indianapolis 500 at the Indianapolis Motor Speedway in Indianapolis, Indiana. Montoya went from near-last to first, winning the Indy 500 for the second time in his career. Chevrolet powered the top four cars in the race. (Photo by Scott R. LePage/LAT for Chevy Racing)
Juan Pablo Montoya, driver of the #2 Verizon Team Penske Chevrolet V-6 IndyCar, crosses the finish line as he races to victory Sunday, May 24, 2015, winning the Indianapolis 500 at the Indianapolis Motor Speedway in Indianapolis, Indiana. Montoya went from near-last to first, winning the Indy 500 for the second time in his career. Will Power (left), driver of the #1 Verizon Team Penske Chevrolet, finishes second. Chevrolet powered the top four cars in the race. (Photo by Andy Frame/LAT for Chevy Racing)
Juan Pablo Montoya is congratulated by his Penske team mate Helio Castroneves after clinching victory in the 99th running of the Indianapolis 500 at Indianapolis Motor Speedway on Sunday May 24 2015. (Photo by: Chris Jones for IndyCar Media)

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


Just_saying - Unregistered

October 21, 2012 5:54 AM

What an egoistical maniac .. It was never about anything he preached.. It was only about him having total control.. Cart only had to bow their heads To f1.. Now indycars get beat by formula Nippon cars.. Now He seeks to rebuild the same structure he sought to destroy.. Only because it is the only way back to power.. Total hypocrite .. And the loss of hundreds of million, Hasn’t even dampened his lust for control.. And f1 guys think they have it bad with Bernie.. Lets just hope Tony can never afford to buy f1

DGAS - Unregistered

October 21, 2012 11:30 PM

I agree.This guy is the cancer which has more or less killed open wheel racing in the US. Lets face it, Indycar will never recover to its former glory (even as CART)and if this guy has anything to do with it,I fear it will be all dead & buried within 3 years. I wouldnt trust him running a county fair!



© 1999 - 2015 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.