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It's hard to believe that the board would be foolish enough to take a step backward like this. Roger Penske was quoted as saying you can't manage a business (which is exactly what Indy Car is) by replacing the top manager every few years.
2012 produced the best open wheel racing that the U.S. has seen in many years. An American champion, oval racing where you actually had to drive the car, lot's of passing on road courses and 8 different winners.
An extremely short sighted decision.