SBD/October 12, 2012/Leagues and Governing Bodies
Sources: Tony George-Led Group Submits Offer To Hulman & Co. For IndyCar Series
Published October 12, 2012
A Tony George-led group completed its due diligence and within the last week submitted a financial offer to Hulman & Co. for the IndyCar Series, according to sources familiar with the matter. The offer to the privately-held company, which also owns Indianapolis Motor Speedway, included a seven-figure cash proposal to take over management and assume future losses for the series, which reportedly lost $7M this year. George did not return calls seeking comment. A Hulman & Co. spokesman said, "We're not going to confirm or deny what we get because we get unsolicited proposals all the time. The series is not for sale." George has hired the Midwest-based law firm Faegre Baker Daniels and approached IndyCar team owners, including Chip Ganassi, Roger Penske, Michael Andretti and Kevin Kalkhoven, as well as motorsports marketer Zak Brown about investing in the acquisition of the series. The takeover proposal comes four years after the Indy Racing League and Champ Car World Series merged, ending 12 years of a split between the two U.S. open-wheel racing series. George brokered that deal in '08 and paid $40M to create a unified IndyCar Series. He resigned a year later after the series fell under financial pressure in the wake of the recession. Randy Bernard, the former head of the PBR, replaced him in '10.
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