Penske admits need to address perceived conflict of interest

Tony George stares as Penske discusses perceived conflict of interest

Since the news broke this morning, social media had raised concerns over Penske owning a team which would compete in a championship it owns, albeit through a subsidiary company.

Penske himself moved to allay those fears by making it clear the sanctioning body of IndyCar would be made into a separate company to ensure transparency when it comes to competing in the series.

"I think as you look at the construct as we go forward, the sanctioning body and the IRL will be a separate company, and the other assets will be in the speedway," said Penske.

"I think with the proper board — I think you have to ask our competitors at this point. Tony has been a car owner and we were talking about it today. I think Tony has said all along, Wilbur Shaw or Eddie Rickenbacker have been drivers, so there's been some history, but I don't want to leave this conversation without knowing that I understand the integrity.

"There's got to be a bright line, and to me, I know what my job is, and hopefully I've got enough credibility with everyone that we can be sure that there is not a conflict, and I'll do my very best to be sure that isn't.

"If you think it is, I hope that — I know that you folks will tell me pretty quick. So I've got a lot of guys watching me."

Penske also confirmed he would step down from activities on the pitwall as part of his new role.

"I'm planning to really step down from being a strategist on the pit box," added Penske.

"You won't see me there on race day. I think I've got a bigger job to do now, is to try to see how we can build the series to the next level."