George's IndyCar offer was attempt to remove board - 13 WTHR Indianapolis

George's IndyCar offer was attempt to remove board

Posted: Updated:
INDIANAPOLIS -

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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow