Bob Cook said:
In retrospect, Tony George's biggest blunder might have been being penny-wise and pound-foolish. He wanted to make Indy racing less cost-intensive so more teams could be competitive, a good idea in theory. But in doing so he guaranteed anyone who wanted to make a lot of money would go elsewhere. Tony Stewart, most notably, was reluctant to leave open-wheel, but it was hard for him to ignore the cash NASCAR offered.
Tony George wanted to make open-wheel racing less expensive for two reasons:
1. To allow more young American drivers a chance to break into the ranks of Indy-style cars without massive sponsorship, thus preventing the Jeff Gordons of the world from fleeing when they can't break into a ride without $$$$;
2 (and more importantly). So he could take over the whole damn thing hisself and be the next Big Bill France.
Well, Big Bill France never saw NASCAR explode to the point where it is now, so even if the IRL is gangbusters in 40 years, Tony George won't reap any of the success.
Instead, what happened was that the Dr. Jack Millers and Greg Rays of the world found themselves racing in a top-level open-wheel racing league, when they probably should've been driving Indy Lights, if that.
Of course, Tony only has No. 2 to hold onto now. As Robin Miller pointed out years ago, the young drivers that the IRL was supposed to give opportunities to all have fled for NASCAR -- Stewart, Ryan Newman, Kasey Kahne, Casey Mears, for starters.
So he's done whatever he's had to do to prevent from capitulating. He's allowed Honda and Toyota to overrun the series with money and wipe out the smaller competitors, which ended with Toyota pulling out and leaving the carnage for everyone else to clean up, and he allowed engine leases (which he was against when CART was doing it), and he allowed the big-dollar teams to come over from CART and crusher the Panther Racings of the world.
Way much more involved than I'm making it, of course, but for the most part Tony George only has Tony George to blame for messing things up.