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George resigns from Indy Motor Speedway board

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Tony George’s separation from the management of the Indianapolis Motor Speedway is complete.

George, who was ousted as the CEO last June, has resigned from the board of directors that oversees the speedway and the family business, Hulman & Co. The move was announced Tuesday in a statement by George’s mother, Mari Hulman George, who chairs the board.

The resignation also removes George from any remaining role in the family business, the statement said. It said the board vacancy would be addressed “at a later date.”

The Hulman-George family has run the speedway, home of the Indianapolis 500, for six decades. “As members of his family, we are sorry to see Tony leave,” Mari Hulman George said in the statement. “We are grateful for his service to our company as a board member and of course for formerly serving as CEO and president of our companies. I speak for our whole family in wishing him well.

“All of us had hoped that Tony would continue to serve on the board, and we made that clear to him. We are disappointed with his decision to step down despite our wishes.”

Tony George remains involved in racing through his Indy Racing League team, Vision Racing. A spokeswoman for the team said he was in Europe on business and not available for comment Tuesday.

George, who was the speedway’s president for 20 years and formed the IRL in 1994, was removed last year amid job cuts at the track and concerns among board members about his spending on upgrades at the speedway.

George spent hundreds of millions of dollars in 13 years to make track renovations and keep the IRL afloat. Construction for a road course, new press tower and new Pagoda cost about $100 million. Those facilities were built for a Formula One race that is no longer held in Indy.

George also added motorcycle races to the schedule.

Mari Hulman George said she was pleased with the direction of the company in the last six months.

“Our company is healthy and is weathering the economic recession well,” she said.

The family also owns the IRL and Clabber Girl, a baking-powder company based in Terre Haute, Ind.

© 2010 Associated Press. Displayed by permission. All rights reserved.

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