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Thursday, May 28, 2009

FOTA's plan for a compromise

AUTOSPORT is reporting FOTA agreed Wednesday on a plan to aid new teams with technical partnerships, a compromise it hopes brings it closer to a deal with the FIA over how the sport will be regulated.

FOTA is also looking to ease into the FIA's planned budget cap, starting at €100 million in 2010, then settling on to €45 in 2011.

The aid plan is designed to avoid a customer car system for new teams.

George still in charge

Despite reports in the media to the contrary, the Hulman-George family says Tony George has not been ousted.

Indianapolis 500


Reports appeared on outlets such as Speed TV and SI.com that the George family had removed Tony George as head of the family-owned businesses due to squabbles over money.

George is head of Hulman & Company, the Indy Racing League, Clabber Girl and the Indianapolis Motor Speedway. The Speedway lost the USGP after George and Bernie Ecclestone could not come to a financial agreement on the future of the race.

THE HULMAN-GEORGE FAMILY STATEMENT

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."


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