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Series not for sale, reiterate owners

The owners of the IZOD IndyCar Series have once again reiterated that the series will not be sold, despite the recent upheaval that saw the depature of Randy Bernard as CEO.
The owners of the IZOD IndyCar Series have once again emphatically denied that the series might be sold, saying that the series is too closely tied to the fortunes of the company's flagship Indianapolis 500 to consider selling it off.

The latest denials came as the owners, Hulman & Co., announced the appointment of Mark Miles as a new CEO of the board. He replaces Jeff Belskus who has moved over to become interim CEO of the IndyCar Series itself. Belskus will remain president of the Indianapolis Motor Speedway (IMS), which is also owned by Hulman & Co.

"We are determined to grow the IndyCar Series as a sport, and that will help the Indianapolis 500 mile race in the process." said Miles on Tuesday, adding that he considered the series to be "vitally important" to the future of the company as a whole.

"We believe that the destinies of IMS and the Indianapolis 500 mile race and the IndyCar Series are inextricably welded, woven together," Miles insisted.

"We see opportunities to continue the growth of IndyCar, which I view as an exciting challenge," echoed Belskus. "My passion is rooted in the Indianapolis Motor Speedway and IndyCar, and I have been energised by the opportunity we have in the short and long term for both organisations."

Although officially still 'interim' CEO of IndyCar, the appointment of Miles in his former role at Hulman & Co. hints that Belskus might remain in the post for somewhat longer than originally envisaged.

Mark Miles, the 59-year-old new CEO of Hulman & Co. is a veteran business leader and international sports executive. As well as a 15-year tenure transforming the ATP (American Association of Tennis Professionals), Miles had conspicuous success earlier this year leading the running of the 2012 NFL Super Bowl in Indianapolis. His appointment is intended to address business concerns that Hulman & Co. is operating in too parochial a manner to successfully run a national sporting series.

"The combination of his international sports experience and leadership of large-scale events like the 2012 Super Bowl, along with his diverse experience with public and private corporations, make him an exceptionally positive match for our business," said the chairman of the board of Hulman & Co., Mari Hulman George. "His business acumen, his ability to cultivate and develop partnerships and the extensive network in sports and business he will provide will strengthen all of our business units," she added.

Miles' appointment is aimed at freeing up Jeff Belskus to deal with stabilising the troubled IndyCar Series, which has been rocked by takeover talk, a big financial loss in 2012, rumours about team owner dissatisfaction, and the sudden departure of its CEO Randy Bernard last month.

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Indianapolis Motor Speedway president Jeff Belskus. (Picture credit: IndyCar Media)
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