Miles: Penske "Perfect Conclusion" for IMS
INDIANAPOLIS - Hulman and Co. Chief Executive Officer Mark Miles says once the Hulman-George family and board of directors made the decision to pursue a sale of the Indianapolis Motor Speedway, there was interest from numerous parties, but ultimately the deal with Roger Penske represented the best possible outcome. "There are sovereign funds around the world that I know were interested and there were other major entities, terrific companies, that could transact, but Roger is the perfect conclusion," said Miles, one of just four IMS executives who worked around the clock for about six weeks to seal the deal.
A non-disclosure agreement signed by Penske during a dinner at the Columbia Club in downtown Indianapolis on a Thursday, followed by a Saturday meeting with Penske in Michigan that included Miles and IMS Chief Financial Officer Cindy Lucchese, set the wheels in motion to craft the blockbuster deal.
Miles talked about the deal and how it came together on this weekend’s edition of Inside INdiana Business with Gerry Dick.
"From that moment, that Saturday, until the announcement, it was 24/7, and I mean it, there wasn’t a lot of sleep involved and not a lot of people to keep it under wraps," said Miles.
Board Chairman Tony George, Miles and Penske made the announcement November 4 of a deal for Penske Entertainment Corp. to purchase Terre Haute-based Hulman and Co. and assets including IMS, the NTT IndyCar Series and IMS Productions.