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George cites conflict of interest in resigning from Hulman board

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IndyCar founder Tony George resigned Friday from the Hulman & Co. board of directors, citing a conflict of interest in his recent attempt to reacquire the series.

“I realize 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,” George said in a statement. “It goes without saying that I want to do what is best for this organization.”

IndyCar is owned by the Hulman-George family, which has owned Indianapolis Motor Speedway since 1945. The series is governed by the Hulman & Co. board of directors, which is at 10 members after George’s resignation.

Among those still on the board are his mother, Mari Hulman George, and his sisters, Nancy L. George, M. Josephine George and Katherine M. George-Conforti. Hulman & Co., through president and CEO Jeff Belskus, reiterated Friday that IndyCar is not for sale.

George had been rumored for months to be trying to take back control of the series he founded in 1996 and oust current CEO Randy Bernard, and he reportedly submitted a purchase proposal last week.

“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 & Co.-owned IndyCar organization,” 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.”

George was ousted as CEO of IndyCar by his mother and sisters in 2009. He also resigned his spot on the board of directors, but rejoined in 2011. He was president of Indianapolis Motor Speedway from 1990-2004, and was CEO of IMS from 1990-2009.

Belskus said there is no immediate plan to fill George’s vacancy on the board. George is a co-owner with his stepson, driver Ed Carpenter, of IndyCar team Ed Carpenter Racing.

“Tony has been involved with our businesses for many years and has contributed significantly through his leadership role with IMS and IndyCar and as a member of this board,” Belskus said. “We wish Tony much success in the future.”

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  • The Dark Obsession Continues
    Quick questions: When will you learn the difference between 'their' and 'there?' Perhaps that's a THIRD grade thing. If the 'IRL' has so tarnished venues, why are you still so obsessed, scooping everyone else with the quaint little Cavin blog? What is the cutesy little second grade code that results in 'Lord SagamorAn?' That does not seem mature. I am certain I can't count on the handful of you squatting here to get me whatever actual news arises milliseconds later. LOL.
  • The Tiananmen Square 225 by KFC Brands
    Cavin sez it's a done deal...3 way split decision by speedway insiders tout 'investor group' take-over by Lord SagamorAn, apparently by "end of the week". Randy Bernardo to be shown walking papers immediately though Speedway not acknowledging deal in the works. Media insiders using social media to bloviate and distort the truth. Providence too far for me to travel, although Toronto and Watkins GLen in the wheelhouse but the IRL tarnished both tracks so I'll never go their again. H0CHiMin baby!
  • Hey Chief
    I heard you was all set to buy 50 tickets to the Providence, RI race. What happened?
  • Vision
    Fired. 3 times. By his family. LOL
  • Why is the Indycar series sucking so much?
    Wow, 27% tv rating drop, ugly car, in the RED since 1996...and ya know the funny thing? The indycarz are achieving all this WITHOUT any other AOW competition. The indycarz have killed off about 35 tracks/markets in their time. They have to run doubleheaders to have a full season. Cancelled races (in Asia too). MORE street races than ovals, more foreigners than Americans. Is this really the direction the sport should be taking? Lots to hate there....
  • Such comedy we will miss
    it almost makes me want to save it from extinction
  • Back To The Future
    I continue to wait for one/any of the obsessed haters to provide me with an accounting of revenue versus expenses at IMS for IndyCar. Simply spouting a number that randomly increases depending on the whim of the unenlightened youth so screeching is often amusing, but has all the substance of flatus. Review of old SEC documents the publicly traded cart had to file are, on the other hand, actually VERY entertaining, complete with actual losses in the hundreds of millions and complete collapse of their stock value. What these Tony-hating youngsters never consider is how dysfunctional the object of their ill-begotten affection was and how it would have collapsed anyway had Tony not stepped up. Despite this latest brouhaha, this Tony effort has about as much chance of succeeding as most of the contributors here have of reaching the sixth grade. In other words, I would not worry your purty li'l heads. You might, however, want to consider honesty and integrity in your meandering.
  • Tony George
    What do you feel will happen when Mari appoints Tony as Chairman of The Board. It will happen at some time I only hope it happens before the sister destroys the company.
  • 25/8
    Resign or be fired (again) is the word on the street. LMAO. 3rd time is the charm. BAAA HAAA HAAA. Hopefully this won't cause a relapse, I bet TG has his sponsor on speed dial. LOL
  • Headsazzploding
    Indy weasels will always hide from the truth. The truth that the IRL was a colossal failure, the merger was a mistake from day one, and the Hulman George family couldn't run a kool-aid stand. Just open the gates and cut the lawn...they couldn't even do that. So, now with the sport in shambles and in desperation their supporters just cling to their dying mantras. When are you Indy-centric enablers going to accept responsibility for the destruction of AOW en total? It was YOU who authorized the IRL with your support of Tony George and IMS to "fix" everything. Well $798MILLION later, how's that working out for you? And Tony, you ain't got a prayer son in us old fans even remotely supporting you in your quest for ownership. So take that at face value old friend...
  • I will continue
    to enjoy the comedy of the futility and seeing Chief's updates on the debt incurred
  • Hulman-George = IMS
    That is not going to ever happen in your lifetime. Deal with it or leave. Those are your only options.
  • 25/8
    A good start but the transformation of Indy Car and the Indy 500 won't be complete until Tony, Tony Jr. and Special Ed are gone.

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  1. Here are a few candidates for this new group, "ripped from the headlines." First up, that bizzaro State Senator Brent Waltz; secondly, the unethical Todd Huston, and his contractual arrangements scheme; Finally, but not least of all, the dishonorable Eric Turner. What sayeth you Greg Zoeller?

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