IndyCar founder Tony George has resigned from the Hulman & Co. board of directors, effective immediately.

George said in a statement Friday issued by the board that his recent interest in buying back the series he began in 1996 had created a conflict of interest. The board reiterated through president Jeff Belskus that IndyCar is not for sale.

George was ousted as CEO of IndyCar by his mother and sisters in 2009. He also resigned his spot on the board of directors, but rejoined in 2011.

George has been rumored to be trying to take back control of the series and oust current CEO Randy Bernard, and reportedly put in a purchase proposal last week.

IndyCar is owned by the Hulman-George family, which has owned Indianapolis Motor Speedway since 1945.