Tony George the founder of the Indy Racing League, grandson of the late Tony Hulman whose family owns the iconic Indianapolis Motor Speedway has resigned from his remaining positions in the family business which includes the board of directors of Hulman & Company effective immediately according to a statement from his mother, Mari Hulman George, the Chief Executive Officer.
"As members of his family, we are sorry to see Tony leave," said Mrs. George. "We are grateful for his service to our company as a board member and of course for formerly serving as CEO and president of our companies. I speak for our whole family in wishing him well."All of us had hoped that Tony would continue to serve on the board, and we made that clear to him. We are disappointed with his decision to step down despite our wishes."
Following the running of the 2009 Indianapolis 500, Mr. George resigned as CEO and president of other affiliated companies at the end of June. Mr. George will continue in the racing world as owner of Vision Racing a team which he created.
His tenure was marked with controversy as he founded the IRL in 1994 in reaction to the owners of the rival CART series and a virtual civil war for the hearts and minds of IndyCar fans raged until last year when the two weak series merged into the IRL, but the damage has already been done. The number of entered as a result of the merger has shrunk.
On the other hand the IRL series has just signed IZOD, a clothing manufacturer, as a title sponsor which will help market the IndyCar Series.
In the bigger picture of the Speedway, people have estimated that Mr. George who brought a 400-mile NASCAR race to IMS in the mid 90s spent over 500 million renovating the 2.5 mile Brickyard and supporting the IRL IndyCar Series which commenced racing in 1996.
Initially, continued sell outs of the 500 in May and the 400 mile NASCAR race, later in the summer, seemed to balance the books and make up the IRL support and for a Formula One race which eventually was canceled. It has been replaced by a motorcycle race.
The Formula One race had a scandal, in 2005, when Michelin tire shod teams pulled out after a blown tire incident leaving one-third of field to run the race. Eventually Formula One pulled out of Indianapolis and the United States.
Declining attendance for both the Indy 500 and the Brickyard 400 may have been the last straw as Mr. George’s tenure at the Speedway.
In the statement Mrs. George was optimistic for the future. "Our company is healthy and is weathering the economic recession well," she said. "Jeff Belskus, president and CEO of the Indianapolis Motor Speedway, and Curt Brighton, president and CEO of Hulman & Company, are both doing excellent jobs in guiding our companies through this difficult time. Many hard decisions have been made, and now our companies are well positioned for the future."
photo:IRL
"As members of his family, we are sorry to see Tony leave," said Mrs. George. "We are grateful for his service to our company as a board member and of course for formerly serving as CEO and president of our companies. I speak for our whole family in wishing him well."All of us had hoped that Tony would continue to serve on the board, and we made that clear to him. We are disappointed with his decision to step down despite our wishes."
Following the running of the 2009 Indianapolis 500, Mr. George resigned as CEO and president of other affiliated companies at the end of June. Mr. George will continue in the racing world as owner of Vision Racing a team which he created.
His tenure was marked with controversy as he founded the IRL in 1994 in reaction to the owners of the rival CART series and a virtual civil war for the hearts and minds of IndyCar fans raged until last year when the two weak series merged into the IRL, but the damage has already been done. The number of entered as a result of the merger has shrunk.
On the other hand the IRL series has just signed IZOD, a clothing manufacturer, as a title sponsor which will help market the IndyCar Series.
In the bigger picture of the Speedway, people have estimated that Mr. George who brought a 400-mile NASCAR race to IMS in the mid 90s spent over 500 million renovating the 2.5 mile Brickyard and supporting the IRL IndyCar Series which commenced racing in 1996.
Initially, continued sell outs of the 500 in May and the 400 mile NASCAR race, later in the summer, seemed to balance the books and make up the IRL support and for a Formula One race which eventually was canceled. It has been replaced by a motorcycle race.
The Formula One race had a scandal, in 2005, when Michelin tire shod teams pulled out after a blown tire incident leaving one-third of field to run the race. Eventually Formula One pulled out of Indianapolis and the United States.
Declining attendance for both the Indy 500 and the Brickyard 400 may have been the last straw as Mr. George’s tenure at the Speedway.
In the statement Mrs. George was optimistic for the future. "Our company is healthy and is weathering the economic recession well," she said. "Jeff Belskus, president and CEO of the Indianapolis Motor Speedway, and Curt Brighton, president and CEO of Hulman & Company, are both doing excellent jobs in guiding our companies through this difficult time. Many hard decisions have been made, and now our companies are well positioned for the future."
photo:IRL