Tony George has resigned from the board of directors of his family's company.
"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," Jeff Belskus, Hulman & Company president and CEO wrote in a release. "While the business is not for sale and no offers to sell it have been considered or are being considered, we applaud Tony's efforts to resolve the appearance of a conflict and appreciate the gravity of this decision."
George served as president of the Indianapolis Motor Speedway from 1990-2004 and as CEO off the Speedway from 1990-2009. He also served as the CEO of INDYCAR from 1994-2009 and as president of Hulman & Company.
George has been rumored to be trying to take back control of the series and oust current CEO Randy Bernard, and reportedly put in a purchase proposal last week.
"I realize that my recent efforts to explore the possibility of acquiring INDYCAR represent the appearance of a conflict, and it is in everyone's best interest that I resign from the Hulman & Company board," George said. "It goes without saying that I want to do what is best for this organization."
In the emailed release, Hulman & Company Vice President of Communications Doug Boles wrote, "Please note, INDYCAR is not for sale."
Belskus indicated there is no immediate plan to fill the vacancy left by George's resignation and thanked George on behalf of the entire Hulman & Company board, in a statement released by the company.
"Tony has been involved with our businesses for many years and has contributed significantly through his leadership role with IMS and INDYCAR and as a member of this board," Belskus said. "We wish Tony much success in the future."
INDYCAR is owned by the Hulman-George family, which has owned the Indianapolis Motor Speedway since 1945.