TERRE HAUTE, Ind. - Former IndyCar CEO and Indianapolis Motor Speedway president Tony George resigned from the board of directors of Hulman and Company Friday.

Hulman and Company is in charge of the Indianapolis Motor Speedway and IndyCar, as well as the rest of the Hulman family companies.

"Tony George has made the difficult decision to resign from the board because of his involvement with a group that has recently expressed an interest in purchasing the Hulman & Company-owned IndyCar organization," Jeff Belskus, Hulman and Company president and CEO, said in a news release.

"I realize that my recent efforts to explore the possibility of acquiring IndyCar represent the appearance of a conflict, and it is in everyone's best interest that I resign from the Hulman & Company board," George said in a news release. "It goes without saying that I want to do what is best for this organization."

George has played a role in Hulman and Company for the past two decades, serving as president of the Indianapolis Motor Speedway from 1990-2004 and IMS CEO from 1990-2009.

George also served as CEO of IndyCar from 1994-2009 and previously served as president of Hulman and Company.

"While the business is not for sale and no offers to sell it have been considered or are being considered, we applaud Tony's efforts to resolve the appearance of a conflict and appreciate the gravity of this decision," Belskus added.

Belskus indicated there is no immediate plan to fill the vacancy left by George's resignation.