Article

SPEEDWAY EXPECTED TO CONTINUE GROWTH IN WAKE OF MATRIARCH’S DEATH

The Indianapolis Motor Speedway is not for sale.

That was the case before the Nov. 3 death of Mari Hulman George—the matriarch of IMS and IndyCar Series parent Hulman & Co. And it’s still the case.

“As a practice, we don’t discuss our corporate ownership structure. However, the passing of Mari Hulman George does not affect the operation of IMS and IMS is not for sale,” Speedway President Doug Boles told IBJ.

That doesn’t mean George’s death doesn’t raise some important questions about the Speedway’s future direction and leadership. She had been serving as chairwoman emeritus of the IMS board; her son, Tony George, is chairman.

It’s not uncommon for major sports properties or large privately held businesses to go on the block after a key or majority owner dies, due in part to estate tax complications. The heirs of Miami Dolphins owner Joe Robbie, for example, had to sell the NFL franchise after he passed away in 1990 because they couldn’t pay the reported $47 million tax bill. Read More.

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