Not As Miles Planned, House May Include "In Event Of Sale" Clause In $100 Million IMS Giveaway Legislation

It's no secret that the Hulman-George family, which owns the IMS, is in the midst of some serious estate planning these days with the only suitable family heir Tony George now ousted entirely from the family-run business and his elderly mother Mary Hulman-George not getting any younger. Although Hulman & Co. CEO Mark "Rent-A-Civic Leader" Miles says the family has absolutely no intention of selling the IMS, it doesn't take a rocket scientist to figure out that the move by state lawmakers to force Indiana taxpayers to finance $100 million in improvements to the race track will increase its bottom line value to a potential buyer. Miles' assurances aside, House Ways & Means Committee Chairman State Rep. Tim Brown (R-Crawfordsville) tells the Star he plans to include an "in the event of sale" clause in the legislation to allow the state to recoup at least some of its investment in the IMS if that happens.

Following a hearing on the measure in the budget-writing House Ways and Means Committee, Chairman Tim Brown, R-Crawfordsville, said the bill may be amended to let the state get back its money in the event of a sale of the historic home of the Indy 500.

“I think we’re going to look at some sort of financial interest,” Brown said, describing it as “kind of like a lien on a mortgage.”

“The bottom line is that by doing this bill it increases the asset value of the Speedway,” Brown said, and the state should have some way to recoup its investment that made that possible . . .

“We are not considering selling it. We are not positioning it to sell,” IMS spokesman Doug Boles said. “The (Hulman-George) family is committed to the Indianapolis Motor Speedway. It’s been in their family for 68 years, and there is no consideration whatsoever to change that.”

Fine, then call their bluff, Rep. Brown. Require the IMS to repay the entire amount of state-funded improvements if the family sells the IMS during the next 20 years. Don't allow yourself to be played by Miles, whose primary aim is the millions he personally hopes to make if this deal goes through as planned. We're still wondering the size of  Jim "Rent-A-Civic Leader" Morris' bonus for winning $43.5 million in taxpayer subsidies to date for billionaire Herb Simon's Indiana Pacers.