Penske, Miles Already Mulling Ideas For Future Of IMS, IndyCar
SPEEDWAY, Ind -- You've had a week to digest the sale of the Indianapolis Motor Speedway to Roger Penske by the Hulman-George family.
Hulman and Company CEO Mark Miles, who is also the president of the NTT IndyCar Series, is shedding more light on just how the transaction of the year came to be and how they were able to hide it from the public so well.
"The board and the family had been thinking about strategic opportunities for growth for many years," Miles told Inside Indiana Business. "Eventually the focus was on the possibility of a sale."
How much that sale was worth may never be known, but Miles told Robin Miller of Racer Magazine that "all transactions that are worth $90 million or higher need to be approved by the U.S. Justice Department. So there is a 'number' for you."
Another impressive feat is how everyone involved with the sale was able to keep it under wraps, especially from the Indianapolis media.
"There weren't many people involved," Miles continued. "So the deal-making, the due diligence, and the negotiating of the agreements and the development of the agreements were mostly done in house. We just didn't let many people know."
Miles called Penske the "perfect conclusion" for the sale.
Now that the sale is essentially finalized Miles and other leaders of the Indianapolis Motor Speedway, IndyCar, and Hulman and Company have been working closely with Penske and getting him familiar with the ins and outs of IMS that he otherwise didn't have access to as a team owner and competitor.
Miles said the discussion of lights for night races at IMS has been tabled for not and urges fans not to expect lights at the track anytime soon.
More realistic ideas in the works include the possibility of an IndyCar/NASCAR doubleheader event at IMS, a 24-hour race, exploring other international races and adding a third engine manufacturer to the IndyCar Series.
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