George's IndyCar offer was attempt to remove board

By: Associated Press Email
By: Associated Press Email

Tony George was not trying to regain control of IndyCar for himself in his recent attempt to purchase the series he founded.

His motives were apparently to separate the series from Indianapolis Motor Speedway and bring in a new board of directors.

The Associated Press on Monday obtained a copy of George's five-page proposal to the Hulman & Co. board of directors. In it, the group ICS Acquisition proposes a management team take over IndyCar's operations and create a sanctioning agreement with IMS to run the Indianapolis 500.

George would only have been a board member in the proposal that expired Oct. 15.

No other IndyCar team owners were part of the proposal, which offered $5 million cash and proof of $25 million in reserves for stabilization of the series.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 176336351