IMS comments on Tony George's status

INDIANAPOLIS (WISH) - The Indianapolis Motor Speedway released a statement Wednesday afternoon in which IMS CEO Tony George and IMS Board Chairman Mari Hulman George, Tony George's mother, reaffirmed Tony George's statements Wednesday that he will remain CEO of IMS.

George refuted a report Wednesday that a board meeting took place Tuesday night wherein the board ousted him as CEO. George acknowledged a Tuesday meeting but called it typical.

Watch George's press conference by clicking on the Video tab in the left margin of this story.

In the statement, Mari Hulman George said of the meeting, "There was a general discussion about the challenges and opportunities facing all of our companies and where most of our energies need to be spent."

Also in the statement, Tony George said, "No changes in leadership or responsibility have been made. We don’t normally comment on board deliberations concerning our family business. However, the widespread, inaccurate reports and rumors caused my mother and me to conclude that it was necessary to set the record straight."

Read the entire IMS statement below:

INDIANAPOLIS MOTOR SPEEDWAY STATEMENT

Wednesday, May 27, 2009

At a regular meeting of the board of directors of the Indianapolis Motor Speedway on Tuesday, May 26, board members asked Tony George, chief executive officer of the IMS companies, to devise a plan for management of Hulman & Company, the Indy Racing League, Clabber Girl and the Indianapolis Motor Speedway that would allow him to focus on the business which requires the greatest attention. This plan is to be presented to the board at a meeting later this year.

IMS Chairman of the Board Mari Hulman George said: “There was a general discussion about the challenges and opportunities facing all of our companies and where most of our energies need to be spent. All of our properties are doing well, given the challenges of the current economy. The Indy Racing League represents our greatest growth opportunity and therefore deserves the most attention at this point.”

Tony George said: “Contrary to published reports, I continue to serve as CEO of IMS. Our board of directors met yesterday, and we did discuss how to best confront challenges and exploit opportunities facing our businesses. This is nothing new and is something that we continually do as a board. But no changes in leadership or responsibility have been made. We don’t normally comment on board deliberations concerning our family business. However, the widespread, inaccurate reports and rumors caused my mother and me to conclude that it was necessary to set the record straight. If changes are made in the management of the company that are newsworthy, we will announce them when they are made.”