Tony George resigns from Hulman and Company board of directors

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INDIANAPOLIS - Tony George has resigned from the Hulman and Company board of directors, the Indianapolis motor Speedway announced on Friday afternoon.

The resignation is effective immediately, according to a release from the Indianapolis Motor Speedway.

"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 organization," said Jeff Belskus, Hulman & Company president and CEO in a statement released Friday.

"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."

In the same statement, George said: "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 from the Hulman & Company board," George said. "It goes without saying that I want to do what is best for this organization."

The idea of George buying IndyCar began to surface earlier in the month. The Sports Business Journal first had the report that the founding CEO of IndyCar began to put a group of investors together to buy the series.

Since the report, the board has said that the series is not for sale.

George was the CEO of the series from 1994-2009 and was also president of the Indianapolis Motor Speedway from 1990-2009.

 

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