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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.




Related Pictures

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Indianapolis Motor Speedway president Jeff Belskus. (Picture credit: IndyCar Media)
Jeff Belskus joined by veteran TV commentator Bob Jenkins and then-IndyCar CEO Randy Bernard with the green flag at Indianapolis. (c) 2012 F. Peirce Williams (Photo Credit: INDYCAR/LAT USA)
New Hulman & Co. CEO Mark Miles. (Photo credit: IndyCar Media)
James Hinchcliffe and Ryan Hunter-Reay lead the field in for pit stops as Dario Franchitti is punted by EJ Viso. (c) 2012, Phillip Abbott. LAT Photo USA (Photo Credit: INDYCAR/LAT USA)
Tony Kanaan, driver of the #10 Target Chip Ganassi Chevrolet IndyCar V6, races to victory Saturday, August 30, 2014 during the last Verizon IndyCar Series race of the season at Auto Club Speedway in Fontana, California. This is the third consecutive win for Chevrolet at Auto Club Speedway. Chevrolet wins the Manufacturer`s Championship for the third straight season. (Photo by Gregg Ellman/LAT for Chevy Racing)
Team Chevy sweeps the podium as Tony Kanaan (center), driver of the #10 Target Chip Ganassi Racing Chevrolet IndyCar V6, celebrates his victory Saturday, August 30, 2014, during the last Verizon IndyCar Series race of the season at Auto Club Speedway in Fontana, California. Teammate Scott Dixon (left), driver of the #9 Target Chip Ganassi Racing Chevrolet V6, finishes second, and Ed Carpenter, driver of the #20 Fuzzy`s Ultra Premium Vodka/Ed Carpenter Racing Chevrolet V6, finishes third. Chevrolet wins the Manufacturer`s Championship for the third straight season. (Photo by Gregg EllmanLAT for Chevy Racing)
Tony Kanaan, driver of the #10 Target Chip Ganassi Chevrolet IndyCar V6, takes the chequered flag while racing to victory Saturday, August 30, 2014 during the last Verizon IndyCar Series race of the season at Auto Club Speedway in Fontana, California. This is the third consecutive win for Chevrolet at Auto Club Speedway. Chevrolet wins the Manufacturer`s Championship for the third straight season. (Photo by Michael L. Levitt/LAT for Chevy Racing)
Tony Kanaan, driver of the #10 Target Chip Ganassi Chevrolet IndyCar V6, makes a quick pit stop while racing to victory Saturday, August 30, 2014 during the last Verizon IndyCar Series race of the season at Auto Club Speedway in Fontana, California. This is the third consecutive win for Chevrolet at Auto Club Speedway. Chevrolet wins the Manufacturer`s Championship for the third straight season. (Photo by Brian Cleary/LAT for Chevy Racing)
Will Power, driver of the #12 Verizon Team Penske Chevrolet IndyCar V6, celebrates winning the 2014 Verizon IndyCar Series Championship by posing with the Astor Challenge Cup Saturday, August 30, 2014 after the last race of the season at Auto Club Speedway in Fontana, California. Chevrolet clinches its third straight Manufacturer`s Championship. (Photo by Michael L. Levitt/LAT for Chevy Racing)
Will Power, driver of the #12 Verizon Team Penske Chevrolet IndyCar V6, celebrates winning the 2014 Verizon IndyCar Series Championship by hoisting the Astor Challenge Cup Saturday, August 30, 2014 after the last race of the season at Auto Club Speedway in Fontana, California. Chevrolet clinches its third straight Manufacturer`s Championship. (Photo by Michael L. Levitt/LAT for Chevy Racing)
Will Power, driver of the #12 Verizon Team Penske Chevrolet IndyCar V6, celebrates winning the 2014 Verizon IndyCar Series Championship by kissing the Astor Challenge Cup Saturday, August 30, 2014 after the last race of the season at Auto Club Speedway in Fontana, California. Chevrolet clinches its third straight Manufacturer`s Championship. (Photo by Michael L. Levitt/LAT for Chevy Racing)
Will Power, driver of the #12 Verizon Team Penske Chevrolet IndyCar V6, celebrates winning the 2014 Verizon IndyCar Series Championship with his wife Liz Saturday, August 30, 2014 after the last race of the season at Auto Club Speedway in Fontana, California. Chevrolet clinches its third straight Manufacturer`s Championship. (Photo by Phillip Abbott/LAT for Chevy Racing)
Helio Castroneves and Tim Cindric come together after a valiant effort in the MAVTV 500 at Auto Club Speedway (Photo by: Richard Dowdy for IndyCar Media)
Tony Kanaan and crew celebrate winning the MAVTV 500 at Auto Club Speedway in Fontana, California on Saturday August 30 2014 (Photo by: Chris Jones for IndyCar Media)
Tony Kanaan celebrates winning the MAVTV 500 at Auto Club Speedway in Fontana, California on Saturday August 30 2014 (Photo by: Chris Jones for IndyCar Media)
Tony Kanaan and wife Lauren celebrate winning the MAVTV 500 at Auto Club Speedway in Fontana, California on Saturday August 30 2014 (Photo by: Chris Jones for IndyCar Media)
Tony Kanaan and wife Lauren with the Winners Trophy after winning the MAVTV 500 at Auto Club Speedway (Photo by: Chris Jones for IndyCar Media)
Confetti falls on the podium trio Scott Dixon, Tony Kanaan and Ed Carpenter celebrate after the MAVTV 500 at Auto Club Speedway (Photo by: Chris Jones for IndyCar Media)

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