No Truth To The Rumor
By Andrew Cutler
May 28 2009
The sports news media and the internet motorsports forum board world was all abuzz yesterday afternoon with the rumor that Tony George had been forced out of his post as president of the Indianapolis Motor Speedway. The frenzy started around noon when SpeedTV.com reporter Robin Miller posted an article claiming that the ouster had taken place on Tuesday evening.
According to Miller, the board of director of Hulman & Co., which oversees all of the Hulman-George family businesses (IMS, the IRL and Clabber Girl, a baking soda manufacturer) & is comprised of Tony, his mother & three sisters and attorney Jack Snyder, voted him due to his long-standing habit of using the profits from IMS events (the Indy 500, the Brickyard 400 &, as of 2008, the Indy MotoGP) to keep the IRL financially solvent.
By late afternoon, both Tony & his mother, IMS chairman Mari Hulman-George, were hitting back at the rumor. Both insisted that all of the board members were satisfied that, given the current economic conditions, revenues were as much as could be expected and that there were no immediate concerns about the viability of IMS. What WAS discussed, they said, was that Tony should concenrate on developing a new business plan regarding the running of the IRL, which all see as having the most potential for future revenue growth.
"Contrary to published reports, I continue to serve as CEO of IMS ... no changes in leadership or responsibility have been made," Tony told reporters in a press conference held outside the IMS offices. "We don't normally comment on board deliberations concerning our family business. However, the widespread, inaccurate reports and rumors caused my mother and me to conclude that it was necessary to set the record straight."
As of last night, SpeedTV.com reporter Robin Miller was saying that he had complete trust in the credibility of the sources for his story.
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From the articles that I read to prepare this story, it seems that the board requesting Tony to focus on the IRL end of the empire has more to do with their belief that it has the greatest future growth potential, & not that it is somehow in dire straits - at least not more so now than before!
Edited 1 time(s). Last edit at 2009:05:28:19:07:35 by IndyAndy.