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>> I'VE GOT A BIG COMMITMENT
HERE TO TAKE OVER, CERTAINLY AS
A STEWARD OF THIS GREAT
ORGANIZATION.

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AND WHAT 'S BEEN DONE HERE IN
THE PAST FOR SO MANY DECADES
AND, YOU KNOW, IT'S MY
COMMITMENT TO THE HULMAN FAMILY,

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TO THE FACT THAT YOU'D
SELECT US IS THE OPPORTUNITY TO
TAKE ON THIS INVESTMENT, IT 'S
AMAZING.

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>> HELLO AND WELCOME TO INSIDE
INDIANA BUSINESS, I 'M GERRY
DICK.
IT WAS AN ANNOUNCEMENT THAT

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SHOOK INDIANAPOLIS, THE STATE OF
INDIANA AND THE MOTORSPORTS
WORLD.
HULMAN AND COMPANY CHAIRMAN OF

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THE BOARD TONY GEORGE ANNOUNCING
THE SALE OF THE INDIANAPOLIS
MOTOR SPEEDWAY TO PENSKE
ENTERTAINMENT CORP. AND

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LEGENDARY TEAM OWNER AND
BUSINESS EXECUTIVE ROGER PENSKE.
NOW, WHEN THE DEAL CLOSES, IT
WILL MARK THE END OF MORE THAN

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SEVEN DECADES OF OWNERSHIP BY
THE HULMAN AND GEORGE FAMILIES
WHO TRANSFORMED WHAT WAS A
DILAPIDATED AND WEED-INFESTED

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PROPERTY IN 1945 INTO THE
"WORLD'S GREATEST RACECOURSE,"
GIVING INDIANAPOLIS AND INDIANA
A GLOBAL IDENTITY AND AN

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EMOTIONAL ATTACHMENT THAT HAS
SPANNED GENERATIONSIN THIS STAT.
ROGER PENSKE IS A LEGEND AT THE
FAMED-OVAL, HE IS THE WINNINGEST

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CAR OWNER IN INDY 500 HISTORY
WITH 18 VICTORIES.
SO HOW DID THE DEAL COME
TOGETHER, AND WHAT WILL IT MEAN

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FOR THE FUTURE OF IMS?
FOR SOME ANSWERS, I'M PLEASED TO
BE JOINED BY HULMAN AND COMPANY
CEO MARK MILES.

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WELCOME BACK TO THE SHOW.
>> THANK YOU.
>> A BIG WEEK, TO PUT IT MILDLY.
THIS DEAL CAME TOGETHER PRETTY

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QUICKLY ABOUT SIX-WEEKS AND IT
KIND OF STARTED WITH A DINNER AT
THE COLUMBIA CLUB IN DOWNTOWN
INDY.

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>> THAT'S RIGHT.
THE LAST CHAPTER, THE DEFINITIVE
CHAPTER STARTED SESSION WEEKS
AGO.

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BUT THE BOARD AND THE FAMILY HAD
BEEN THINKING ABOUT STRATEGIC
OPPORTUNITIES FOR GROWTH REALLY
FOR MANY YEARS.

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EVENTUALLY, THE FOCUS WAS ON THE
POSSIBILITY OF A SALE, AND THERE
WERE A NUMBER OF INTERESTED
PARTIES.

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TERRIFIC COMPANIES THAT COULD
TRANSACT.
BUT, ABOUT SIX-WEEKS AGO, TONY
CALLED ROGER AND WE SAT DOWN AND

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HE SIGNED AN NDA THAT NIGHT, AND
THURSDAY NIGHT.
ON SATURDAY, WE WERE IN MICHIGAN
WITH OUR CFO AND HIS TEAM AND

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HIM, AND THEY HAD ALREADY
DIGESTED UNBELIEVABLE QUANTITIES
OF DATA ABOUT THE COMPANY.
HE OBVIOUSLY KNEW ALL THE

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HISTORY AND ALL THAT IT STANDS
FOR, BUT FROM THAT MOMENT, THAT
SATURDAY, UNTIL THE
ANNOUNCEMENT, IT WAS 24/7, AND I

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MEAN IT.
THERE WASN'T A LOT OF SLEEP
INVOLVED, NOT VERY MANY PEOPLE
TO KEEP IT UNDER WRAPS.

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>> HOW DID YOU KEEP IT UNDER
WRAPS?
IT IS AMAZING IN THIS 24/7 MEDIA
ERA, HOW DID YOU KEEP IT UNDER

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WRAPS?
>> I WILL ANSWER THAT QUESTION,
BUT THE FUN THING FOR ME, THE
MORNING AFTER THE AGREEMENT, WE

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WASN'T TO CHARLIE BROWN'S DINER
AND LIZ CAME UP AND SAID, I
DIDN'T KNOW, I WAS COMPLETELY
SURPRISED, I HAD NO IDEA.

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AND IF I DIDN'T KNOW, NOBODY
KNEW.
SO THAT HAPPENED.
THE DEAL MAKING, DUE DILIGENCE

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AND NEGOTIATING OF THE
AGREEMENTS AND DEVELOPMENT OF
THE AGREEMENTS WERE MOSTLY DONE
IN HOUSE.

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IN OUR CASE, WE WERE REPRESENTED
LOCALLY BY ICE MILLER AND DID A
FEN-PHEN JOB, SO NOT MANY PEOPLE
KNEW.

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THERE WERE ABOUT FOUR PEOPLE AT
THE INDEPENDENT YAP SPEEDWAY
THAT KNEW ABOUT IT.
>> IT HAS TO BE A SMALL NUMBER

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OF INDIVIDUALS OR GROUPS WHO
WOULD QUALIFY FOR THIS KIND OF A
DEAL.
AND I'VE TALKED TO A NUMBER OF

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PEOPLE, I TEND TO CONQUER THAT
ROGER PENSKE WOULD BE THAT
PERFECT FIT FROM A BUSINESS
STANDPOINT, MOTOR SPORT

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STANDPOINT WHAT HE'S
ACCOMPLISHED, INVESTIGATION, ALL
THOSE INDICATORS.
>> AT ONE LEVEL THERE WERE

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SOVEREIGN FUNDS AROUND THE WORLD
THAT I NOWHERE INTERESTED AND
THERE WERE OTHER, YOU KNOW, VERY
MAJOR ENTITIES THAT WERE

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ENGAGED, BUT ROGER IS THE
PERFECT CONCLUSION BECAUSE HE'S
POURED MORE OF HIS LIFE INTO THE
INDIANAPOLIS MOTOR SPEEDWAY AND

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INDY CAR EXCEPT FOR THE FAMILY,
HE KNOWS ALL OF IT FOR AT LEAST
FIVE DECADES AND THAT'S THE
RACING SIDE.

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NOTHING TO LEARN THERE.
ON THE BUSINESS SIDE, IT'S
UNBELIEVABLE THE BUSINESSES THAT
HE'S BUILT AND THE ORGANIZATIONS

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HE'S BUILT SO HE IS UNIQUELY,
PERFECTLY SUITED FOR THIS.
>> GIVEN THE TIME YOU SPENT WITH
HIM PRETHE DEAL, BUT AFTER THE

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ANNOUNCEMENT, YOU SPENT A
CONSIDERABLE AMOUNT OF TIME.
WHAT IS THIS GOING TO MEAN FOR
THE INDIANAPOLIS MOTOR SPEEDWAY,

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FOR RAISING, COMMUNITY
DEVELOPMENT, ALL THOSE KINDS OF
THINGS.
WHAT IS YOUR GUT FEELING BASED

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ON CONVERSATIONS WITH ROGER
PENSKE?
>> IT IS ALL GOOD.
WE ARE NO LONGER TERRIBLY

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RESOURCE CONSTRAINED.
PEOPLE ASSUME IF SOMEBODY WRITES
A CHECK LIKE THIS, THEY MUST
KNOW EXACTLY WHAT TO DO WITH IT.

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THAT IS REALLY NEVER THE CASE.
WE'VE TAKEN SICK WEEKS TO FIGURE
OUT WHAT IT IS AND HOW TO MAKE
AN ARRANGEMENT WHICH GIVES ROGER

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AND US IN THE ORGANIZATION
WORKING WITH THEM TO SAY
SPECIFICALLY WHAT WE WILL DO.
EVERYTHING WILL BE LOOKED AT, AS

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YOU REFERRED, WE SPENT 4.5-HOURS
TUESDAY WITH HIM UP AND DOWN THE
STAIRS AND CLOSETS AND RESTROOMS
LOOKING AT EVERY PART OF IT.

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>> YOU TOOK HIM TO PLACES HE HAD
NEVER BEEN.
>> HE IS A COMPETITOR.
ALL THE SUDDEN TO SEE WHAT IT

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LOOKS LIKE OVER ON GEORGETOWN
ROAD WISH HE WOULD NEVER GO TO,
THE IT WAS EXCITING TO WATCH HIS
REACTIONS.

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>> MARK MILES, THE CEO OF HULMAN