Indianapolis Motor Speedway responds to AP report

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Hulman & Co., parent company of the Indianapolis Motor Speedway and IndyCar, issued a statement late last night following an Associated Press report that said Boston Consulting Group had told the Hulman-George family to retain ownership of both entities.

In the statement, Hulman & Co. CEO Mark Miles explained his company’s hiring of BCG late last year to “assist in developing a long-term strategic plan for the growth of its motorsports business” and also said that the document the AP used was “an early version…that is the subject of several news reports [Friday], that include suggested elements for the plan.”

“BCG examined many important questions throughout this process, including how to define our overall brand, how our motorsports properties can attract more fans, how we can make our races more appealing to television viewers and live audiences, and how we can help our teams, partners and other stakeholders be more financially successful because of our relationship,” Miles continued.

Miles closes the statement by stressing that Hulman & Co.’s strategy on how to boost its racing properties was not yet complete, and that “feedback and ideas” from stakeholders in the company would be listened to as part of the process.

“The work BCG has done provides conversation points around several important areas of our business as we shape our thinking about the future, but our strategy has not yet been finalized,” he said. “As part of finalizing our strategy, we will be sharing information with our stakeholders and listening to their feedback and ideas before we come to any final conclusions.

“We are in the early stages of this process and will be communicating to our stakeholders and fans as we define our strategy for the future.”

The AP’s report on Friday highlighted suggestions from what it says is a 115-page report on how IndyCar could be better positioned in upcoming years. The Hulman-George family is not obligated to follow BCG’s suggestions.

Formula One names Stefano Domenicali as its new CEO

Stefano Domenicali named F1 CEO
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Former Ferarri chief Stefano Domenicali was named the new president and CEO of F1, replacing Chase Carey in January 2021, Liberty Media announced Friday.

Domenicali, 55, will join Formula One from Lamborghini, where he had been CEO and president.

He worked on Ferrari’s F1 team for nearly 20 years, becoming the team principal in 2008. He left in 2014 and worked at Audi before joining Lamborghini.

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“I am thrilled to join the Formula 1 organization, a sport that has always been part of my life,” Domenicali said in a release. “I was born in Imola and live in Monza.  I’ve remained connected to the sport through my work with the Single Seater Commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in Formula 1 as we continue to drive the business ahead.

“The past six years at Audi and then leading Lamborghini have given me broader perspective and experience that I will bring to Formula 1.”

Carey, who had led F1 since Liberty’s Formula One Group took control of the organization in 2017, will move to the role of non-executive chairman.

“Chase has done a phenomenal job leading F1,” Liberty Media President and CEO Greg Maffei said in a statement. “He assembled a first-class commercial and sporting organization that has a long list of achievements, including broadening the appeal of the sport, growing its digital presence, establishing new technical regulations, securing a cost cap for the first time and reaching a new more equitable Concorde agreement with the teams.  His actions have reinforced F1 as the pinnacle of motorsport.”

Said Carey: “It has been an honor to lead Formula 1, a truly global sport with a storied past over the last seventy years. I’m proud of the team that’s not only navigated through an immensely challenging 2020 but returned with added purpose and determination in the areas of sustainability, diversity and inclusion.  I’m confident that we’ve built the strong foundation for the business to grow over the long term.”