Moderator: The Sentinels
Tony George resigns from board amid IndyCar takeover bid
By Mark Glendenning Saturday, October 20th 2012, 07:50 GMT
Tony George has resigned from his position on the board of directors of Hulman & Company, owner of IndyCar, to avoid a conflict of interest as he progresses with an attempt to regain control of the series.
George created what was then called the Indy Racing League as a rival to the CART Indycar series in 1996, triggering the destructive US single-seater split that lasted until 2008.
He resigned as CEO of Indianapolis Motor Speedway and Hulman & Company in 2009, but remained a member of the IMS board. He left the Hulman & Company board in early 2010, but rejoined it a year later.
George has been recently linked to plans to buy the IndyCar Series, and confirmed in a statement that it was to this end that he had decided to step down from the board.
"I realise 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," George said. "It goes without saying that I want to do what is best for this organisation."
Hulman & Company president and CEO Jeff Belskus insisted that the IndyCar Series is not for sale, but said that he respects George's decision.
"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 organisation," Belskus said.
"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."
There are no immediate plans to fill George's place.
Users browsing this forum: No registered users and 2 guests