Tony George's separation from the management of the Indianapolis
Motor Speedway is complete.
George, who was ousted as the CEO last June, has resigned
from the board of directors that oversees the speedway and the
family business, Hulman & Co. The move was announced Tuesday in
a statement by George's mother, Mari Hulman George, who chairs the
board.
The resignation also removes George from any remaining role
in the family business, the statement said. It said the board
vacancy would be addressed "at a later date."
The Hulman-George family has run the speedway, home of the
Indianapolis 500, for six decades. "As members of his family, we
are sorry to see Tony leave," Mari Hulman George said in the
statement. "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."
Tony George remains involved in racing through his Indy
Racing League team, Vision Racing. A spokeswoman for the team said
he was in Europe on business and not available for comment Tuesday.
George, who was the speedway's president for 20 years and
formed the IRL in 1994, was removed last year amid job cuts at the
track and concerns among board members about his spending on
upgrades at the speedway.
George spent hundreds of millions of dollars in 13 years to
make track renovations and keep the IRL afloat. Construction for a
road course, new press tower and new Pagoda cost about $100
million. Those facilities were built for a Formula One race that is
no longer held in Indy.
George also added motorcycle races to the schedule.
Mari Hulman George said she was pleased with the direction of
the company in the last six months.
"Our company is healthy and is weathering the economic
recession well," she said.
The family also owns the IRL and Clabber Girl, a
baking-powder company based in Terre Haute, Ind.
