Tony George (on 6/30) resigns CEO post of Indianapolis Motor Speedway, IRL

Penske is starting the year with 2 of his three cars unsponsored.

Tony George lost his job, shut his team down and is selling his house amid heavy rumors that in addition to the IRL money he pissed away, he squandered another half a billion or so with Bernie Madoff.

Graham Rahal is out, replaced by a foreign driver who brought money.

How many more warning signs of disaster do you need?

 

I've no disagreement with any of that.

 

http://motorsports.fanhouse.com/2010/05/04/exclusive-tony-george-unplugged-former-indycar-ceo-speaks-o/

 

The money quote from part 2 of the interview:

"Any family enterprise, with the size and breadth of holdings like our extended family, especially by the fourth or fifth generation, likely ferments internal grasping and deceit that can come from a lifetime of deep-seated resentment and anger that only a family can inflict on each other.

"This is so common in large family enterprises it is almost a cliche. This can be painful and damaging not only on the current generation, but also on spouses and children of the next generation. The bottom line is that I truly love my mom and sisters, but I am truly grateful and relieved to now get the opportunity to explore other ways to live the most productive years of my business life and attend to the needs of my own wife and children.

"What Laura and I are trying to teach our children is that families need to realize that their most valuable assets are the ones that don't include financial holdings -- like relationships, shared values, shared history and experience, and a tradition of generosity with shared purpose and accomplishment that can impact our community with a lasting legacy."

In other words, TG won't be running the Speedway again anytime soon (and says as much in another part of the interview).

 

Just picturing Tony George saying all of the above in that monotone of his would drive many to off themselves.

 

"Kids, what do you think about managing the Clabber Girl plant?"

 

Excellent "get" by Holly Cain, by the way.

 

Just what I was thinking. Pretty big coup for Holly to get the first instead of Miller, Cavin, etc.