The reports suggested that the offer from the group would result in the group taking over the running of the loss-making series and assuming any outstanding debts, while Hulman & Company would retain its majority stake and management of the IMS venue.
Motorsports marketer Zak Brown was also said to be involved in the group and being lined up as a potential CEO to replace Randy Bernard. Another potential candidate for the post was Andretti Autosport's executive vice president and chief operating officer John Lopes or Daytona International Speedway's president Joie Chitwood III, a former chief operating officer at IMS for seven years when George was the CEO there.
Initial opinion was undecided as to whether George's resignation from the board of Hulman & Company made a successful takeover by the car owners more or less likely in the coming months.
Quitting the board means that George is now free to take a more proactive and aggressive line in his bid to acquire ownership, but his resignation might also indicate that the bid is not finding favour among the other Hulman-George family members on the board.
George was forced out of his position as IMS CEO in 2009 by a board vote, and also resigned as the series CEO in the wake of the reunification at the same time. He's rumoured to have already tried one unsuccessful buy-out move for the series already in 2010.