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eogetoberelacedas head of Indy speedway

eogetoberelacedas head of Indy speedway

Tony George has been asked to step down as president and CEO of the Indianapolis Motor Speedway and his family's business, Hulman & Company, to spend more time running the Indy Racing League.
The board of directors of both the speedway and Hulman & Company announced on Tuesday that a new management team will take over the Hulman-George companies effective Wednesday.
The Hulman-George family has run the speedway, home of the Indianapolis 500, for six decades and also owns the IRL and Clabber Girl, a baking-powder company based in Terre Haute, Indiana.
Speedway board chairman Mari Hulman George, Tony George's mother, said it was in the best interests of everyone that her son concentrate his efforts on the IRL, which oversees both the IndyCar Series and the second-tier Indy Lights. He will remain on the boards of every company.
"Our board had asked Tony to structure our executive staff to create efficiencies in our business structure and to concentrate his leadership efforts in the Indy Racing League," she said in a statement. "He has decided that with the recent unification of open-wheel racing and the experienced management team IMS has cultivated over the years, now would be the time for him to concentrate on his team ownership of Vision Racing with his family and other personal business interests he and his family share."
Tony George was reportedly asked by the family-dominated board of dirctrstostp ow i My,th wekaferth 50.Bu h ai a the time, "Contrary to published reports, I continue to serve as CEO of IMS."
The reprieve was short-lived.
George has spent hundreds of
s or dollars in the past 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 at Indy.
He also broke with tradition by bringing NASCAR and Grand Prix motorcycling to a track that had only hosted one race each year, the Indianapolis 500, until 1994.
But the cost to keep the track in good condition can be astronomical.
"This place wakes up every morning and eats money," George said in May.
The statement indicated the family businesses are not in trouble, but the speedway and IndyCar Series have been cutting back.
Over the past six months, about 60 staff jobs were eliminated, and George's wife Laura, who co-owns Vision Racing with her husband and actor Patrick Dempsey, lost her job as an adviser. George said she had not been fired.
Longtime IMS executive Jeffrey G. Belskus will become president and CEO of the Indianapolis Motor Speedway Corp.


Updated : 2020-12-03 16:09 GMT+08:00