(photo courtesy Indianapolis Motor Speedway)

Tony George has resigned from the Hulman & Company board of directors. 

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That word came down late Friday from the Hulman President and CEO Jeff Belskus.  In a written statement, Belskus states George resigned due to his involvement with a group that's interested in buying INDYCAR which Hulman & Company owns.  Belskus adds that the business isn't for sale, nor are offers being considered, but Belskus applauded George's efforts to resolve the appearance of a conflict of interest. 

George's role with Hulman & Company dates back two decades.  He served as Indianapolis Motor Speedway President for 14 years ending in 2004.  He also acted as IMS CEO from 1990-2009 and INDYCAR CEO for 15 years.

In a statement, George said, "I realize that my recent efforts to explore the possibility of acquiring INDYCAR represent the appearance of a conflict, and it is in everyone's best interest that I resign from the Hulman & Company board." He continued, "It goes without saying that I want to do what is best for this organization."

Belsksus says there are no immediate plans to fill Belskus' vacancy.