Tony George trying to buy IRL?

Avon Open Wheel fan · 10/1/12, 10:35 PM

Maybe this will really happen and we can bring back oval racing.

IBJNews
IndyCar denies getting offer from George to buy series

The parent companies of the IndyCar Series are denying a report from a national sports business publication that they are seeking a deal to sell the open-wheel racing series.

The Sports Business Journal is reporting that former Indianapolis Motor Speedway CEO and IndyCar founder Tony George has put together an investor group to buy the series from Hulman & Co. and the Indianapolis Motor Speedway Corp.

George was ousted as chief of IMS and IndyCar by family members in 2009.

The investor group includes several team owners who compete in the series, including motorsports heavyweights Chip Ganassi, Roger Penske and Michael Andretti. Team owner Kevin Kalkhoven and Zak Brown, owner of Zionsville-based Just Marketing International, a motorsports marketing agency, also are reported to be part of the investor group.

A team spokesman said Chip Ganassi was not available Monday afternoon. Penske declined to comment, and Brown called the report "chatter and speculation."

The newspaper said the group has gone as far as hiring law firm Faegre Baker Daniels LLP to perform due diligence and has approached Hulman & Co. about selling.

It’s unclear what the George-led group has offered, but sources told the newspaper that the group would assume management of IndyCar, which has operated at a loss since its establishment in 1996 as the Indy Racing League, and assume any debts on its books.

Hulman & Co. would retain its majority ownership of Indianapolis Motor Speedway and continue to run the Indianapolis 500 and NASCAR’s Brickyard 400, according to the report. It also could opt to take a minority stake in the IndyCar series during the negotiations.

George declined to confirm or deny to Sports Business Journal that he had engaged the law firm or put together a group of investors and described the “premise” as “inaccurate.”

In a prepared statement issued Monday, Hulman & Co. and IMS adamantly refuted the report.

“The Izod IndyCar Series is not for sale, and representatives from Hulman & Co. and the Indianapolis Motor Speedway Corp. have not received or considered any offers to purchase the series,” they said in a prepared statement. "Further, executive management from both Hulman & Co. and IMSC maintain continuous and open dialogue with IndyCar team owners and numerous issues related to the Izod IndyCar Series, and no IndyCar team owner formally or informally approached either organization about purchasing the Izod IndyCar Series.

Hulman & Co. and IMSC said they remain committed to working with the series and its partners as they prepare for the 2013 season and beyond, the two said in the statement.

“The combination of the return of nearly all the 2012 venues, including all the ovals, the addition of new tracks and the revival of the Triple Crown award make this one of the most exciting schedules in recent memory,” they said.

But the past year was difficult for the series. It experienced double-digit decreases in television viewership, had a race in China canceled and began searching for a presenting sponsor that potentially could replace title sponsor Izod before the apparel brand’s deal ends after the 2015 season.

The series announced a 19-race schedule for 2013 on Sunday.

Any decision to sell the series likely would be made by Mari Hulman George, chairwoman of Hulman & Co.’s board, and mother of Tony, the newspaper said.

Gregg · 10/2/12, 5:40 AM

The car owners in IndyCar will be owners of the series. Didn't they do this before and how did that work out?

jjones752 · 10/2/12, 6:01 AM

The notion of Penske & Ganassi teaming with Tony to buy the series is almost laughable, given the fact that they were in opposite camps, even preceding the CART/IRL "split"; Penske's (and other owners) differences with the Hulman family precipitated the original separation of CART from USAC.
But, I suppose anything is possible. ******** DO make strange bedfellows, don't they?

treecitytornado · 10/2/12, 6:15 AM

Whatever has to happen to get more ovals back on the schedule!

Posted via Mobile Device

BrentTFunk · 10/2/12, 6:58 AM

They probably have not turned down an oval race. The oval tracks do not want them. Right or wrong that is how it is.

openwheelKT · 10/2/12, 7:14 AM

This pretty much sums it up:

http://auto-racing.speedtv.com/artic...-of-negativity

duel · 10/2/12, 9:16 AM

In our local paper near MIS (Jackson Michigan) the promotor says he is open to Indycar coming back but no one has made contact. As far as Miller on negativity he has no room to talk. He did not like the IRL or TG. I believe Robin is happy as he can be with this schedule.

767 · 10/2/12, 9:59 AM

Quote:

Originally Posted by treecitytornado

Whatever has to happen to get more ovals back on the schedule!

Posted via Mobile Device

Now that they have a safer car, more ovals are possible. No track likes to have cars flying around injuring drivers or fans. Let alone killing both. 1 year ago at this time, the big theme was Indy Cars do not belong on Ovals, they are to dangerouse. If you follow IndyCar weekly, there was alot of tension as the cars went to Texas. Everything came out great. Fontana was another huge step Forward for IndyCar. They went to a track that was not previously on the schedule and brought in a good crowd. Wish that would have happened 2 or 3 months ago so other tracks would have had the time to consider IndyCar for 2013. Heck Las Vegas is still willing to bring IndyCar back as well. I have a feeling we will see a big oval increase in 2014. No facts to prove it, but the racing was great this year. If they can duplicate it again, watch out!

Sawdust101 · 10/2/12, 10:41 AM

If we want to see a good series then let have the teams run the Indy car and also get points for running Silver Crown races. This might be what the sport needs to get it back to what it use to be. Then we will see who is the best driver on pavement and dirt. Maybe we could get 2 races per year at the mile tracks!

BrentTFunk · 10/2/12, 4:17 PM

The reason the tracks don't want the indycars isn't because they are too dangerous. They don't make enough money. The race at Fontana was fantastic. The crowd not so much.

10/1/12, 10:35 PM	#1 Tony George trying to buy IRL?
Avon Open Wheel fan Senior Member Join Date: Dec 2009 Posts: 1,272	Maybe this will really happen and we can bring back oval racing. IBJNews IndyCar denies getting offer from George to buy series The parent companies of the IndyCar Series are denying a report from a national sports business publication that they are seeking a deal to sell the open-wheel racing series. The Sports Business Journal is reporting that former Indianapolis Motor Speedway CEO and IndyCar founder Tony George has put together an investor group to buy the series from Hulman & Co. and the Indianapolis Motor Speedway Corp. George was ousted as chief of IMS and IndyCar by family members in 2009. The investor group includes several team owners who compete in the series, including motorsports heavyweights Chip Ganassi, Roger Penske and Michael Andretti. Team owner Kevin Kalkhoven and Zak Brown, owner of Zionsville-based Just Marketing International, a motorsports marketing agency, also are reported to be part of the investor group. A team spokesman said Chip Ganassi was not available Monday afternoon. Penske declined to comment, and Brown called the report "chatter and speculation." The newspaper said the group has gone as far as hiring law firm Faegre Baker Daniels LLP to perform due diligence and has approached Hulman & Co. about selling. It’s unclear what the George-led group has offered, but sources told the newspaper that the group would assume management of IndyCar, which has operated at a loss since its establishment in 1996 as the Indy Racing League, and assume any debts on its books. Hulman & Co. would retain its majority ownership of Indianapolis Motor Speedway and continue to run the Indianapolis 500 and NASCAR’s Brickyard 400, according to the report. It also could opt to take a minority stake in the IndyCar series during the negotiations. George declined to confirm or deny to Sports Business Journal that he had engaged the law firm or put together a group of investors and described the “premise” as “inaccurate.” In a prepared statement issued Monday, Hulman & Co. and IMS adamantly refuted the report. “The Izod IndyCar Series is not for sale, and representatives from Hulman & Co. and the Indianapolis Motor Speedway Corp. have not received or considered any offers to purchase the series,” they said in a prepared statement. "Further, executive management from both Hulman & Co. and IMSC maintain continuous and open dialogue with IndyCar team owners and numerous issues related to the Izod IndyCar Series, and no IndyCar team owner formally or informally approached either organization about purchasing the Izod IndyCar Series. Hulman & Co. and IMSC said they remain committed to working with the series and its partners as they prepare for the 2013 season and beyond, the two said in the statement. “The combination of the return of nearly all the 2012 venues, including all the ovals, the addition of new tracks and the revival of the Triple Crown award make this one of the most exciting schedules in recent memory,” they said. But the past year was difficult for the series. It experienced double-digit decreases in television viewership, had a race in China canceled and began searching for a presenting sponsor that potentially could replace title sponsor Izod before the apparel brand’s deal ends after the 2015 season. The series announced a 19-race schedule for 2013 on Sunday. Any decision to sell the series likely would be made by Mari Hulman George, chairwoman of Hulman & Co.’s board, and mother of Tony, the newspaper said.

10/2/12, 6:58 AM	#5 Re: Tony George trying to buy IRL?
BrentTFunk Senior Member Join Date: Jul 2007 Posts: 17,295	They probably have not turned down an oval race. The oval tracks do not want them. Right or wrong that is how it is.

10/2/12, 9:16 AM	#7 Re: Tony George trying to buy IRL?
duel Senior Member Join Date: Jul 2007 Posts: 3,236	In our local paper near MIS (Jackson Michigan) the promotor says he is open to Indycar coming back but no one has made contact. As far as Miller on negativity he has no room to talk. He did not like the IRL or TG. I believe Robin is happy as he can be with this schedule.

10/2/12, 4:17 PM	#10 Re: Tony George trying to buy IRL?
BrentTFunk Senior Member Join Date: Jul 2007 Posts: 17,295	The reason the tracks don't want the indycars isn't because they are too dangerous. They don't make enough money. The race at Fontana was fantastic. The crowd not so much.