INDYCAR: Report Details George’s Proposed Takeover Plans

IndyCar

INDYCAR: Report Details George’s Proposed Takeover Plans

A copy of Tony George’s proposal reveals what the Indy Racing League founder had in mind during his takeover attempt.

Marshall Pruett | Posted October 29, 2012

Tony George's takeover plans and proposed IndyCar management team were confirmed on Monday. (Photo: LAT)

A copy of Tony George’s takeover plans originally obtained by the Associated Press reveals what the Indy Racing League founder proposed during his failed takeover bid earlier this month.

George, who broke away from the Championship Auto Racing Teams Indy car series in the early 1990s and announced the formation of the IRL in 1994, was part of his family-owned Hulman & Company board of directors through 2009. He was voted off the board and removed as the head of the re-named IndyCar Series in 2009 and, with the help of his sisters, was replaced by former Professional Bull Riders CEO Randy Bernard at the helm of IndyCar starting in 2010.

Persistent lobbying by George to be reinstated on board was successful in 2011, and along with a number of new constituents, the co-owner of Ed Carpenter Racing conducted business as a contributing member of the board until an unsuccessful bid to take control of the series led the to his most recent departure on Oct. 19th.

A press release on the 19th, with quotes attributed Indianapolis Motor Speedway CEO Jeff Belskus, stated "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."

According to a member of the takeover group who confirmed the contents of the proposal and clarified its intent to SPEED.com, George and a hand-picked team of managers and financiers submitted an offer to cede the administration of the IZOD IndyCar Series from Hulman & Co. with $5 million up front, and a guarantee of $25 million in holdings to look after the series' financial requirements, and to supplant series CEO Randy Bernard and his immediate staff.

Bernard was removed from his role as CEO in an emergency meeting called by the Hulman & Co. board on Sunday the 28th, with Belskus, who served as interim CEO in the wake of George’s 2009 departure, assuming the same position after Bernard was separated from the role.

George’s management hierarchy, through a firm named ICS Acquisitions, included sponsorship guru Zak Brown, owner of Just Marketing Inc., as Bernard’s replacement, former Jaguar managing director Mike O’Driscoll as president and COO, and Claire Roberts, CEO of sports administration software company ArbiterSports, as operations manager.

Marshall Pruett is SPEED.com's Auto Racing Editor, and covers the IndyCar Series. Before joining SPEED, Pruett worked in open-wheel racing for 20 years as a mechanic and engineer. He also contributes to RACER, Road & Track and Racecar Engineering. Follow him @MarshallPruett.