Hulman Purchase of IMS

Thanks to auto racing history researcher Ken Parrotte we can present this collection of articles from 1944 and 1945 that chronicles the change of ownership of the Indianapolis Motor Speedway. It wasn't as simple Eddie Rickenbacker, the principal of the ownership group at the time sitting down with Anton Hulman and Wilbur Shaw. Rickenbacker, busy with Eastern Airlines, had been looking for a buyer for some time and the first potential candidate to emerge was the Indianapolis Voiture 145 of 40 & 8. This was the American Legion's fundmaking and charity promoting branch at the time largely aimed at assisting veterans of the two World Wars.
 
Divested from the American Legion in 1960, 40 & 8 still exists. From Wikipedia: "The title '40 & 8' comes from the box cars that were used to transport troops to the front in France. Each car had the emblem 40/8 stenciled on the sides, which meant that it could carry 40 men or 8 horses. These cars were known as forty-and-eights. They were seen by the troops as a miserable way to travel, and the new organization was thus called the 40 & 8 in an attempt to make some light of the common misery they had all shared.
 
I present a synopsis of the attached articles below.
 

• The first article is from the August 19, 1944 edition of the Palladium-Item and Sun-Telegram from Richmond, Indiana. This reported the announcement that 40 & 8 planned to pull together the financing to purchase the Speedway. The group's leading executives were Howard W. Chown and Norman H. Coulon. Reportedly, negotiations had been underway for nine months.
• The second article is from the October 21, 1944 Indianapolis Star. It is brief, but reports that some legal details forced the group to extend its option to December 15. Coulon expressed optimism that everything would be bundled up by that date.
• The third article is from the November 21, 1944 Indianapolis Star. It is brief, but reports that some legal details forced the group to extend its option to December 15. Coulon expressed optimism that everything would be bundled up by that date.
• The fourth article is from the December 16, 1944 edtion of the Indianapolis News. It reports that the previously announced option extenstion had expired. Coulon is reported to have said he had a gentleman's agreement with Rickenbacker and was confident they would come to an agreement. The sticking point was that the 40 & 8 was a nonprofit and the Speedway was a "commercial operation."
• The fifth article was published in the August 2, 1944 and quotes Rickenbacker saying that the 40 & 8 deal "fell through." He blamed dickering in the American Legion for the failure to launch.
• The sixth article was published in the November 15, 1945 Indianapolis News. It reports that Anton Hulman had purchased the track. It happily reports that Wilbur Shaw had been appointed president and that T.E. "Pop" Myers would stay on as vice-president. Also, Dolly Dallenbach would remain as secretary to the executives. Remarks by Shaw are particularly interesting in that they come off as harshly critical of Rickenbacker who had previously predicted that jet engines would soon be use in race cars. Shaw is quoted saying, "It's a figment of Mr. Rickenbacker's imagination. In the future th public will know the truth about the Speedway's plans and that there would be no wild stories released for the purpose of obtaining a few lines of publicity. We do not care to be made the laughing stock of the world's engineers."
• The seventh article is the second half (attachment starts with "1945") of the sixth article. It confirms the sales contract was signed at the Indianapolis Athletic Club.
• The eighth article is the coverage from the November 15, 1945 Indianapolis Star. It shares much of the same facts as what appeared in "The News," but we should note that the reported sales price was $750,000, just $50,000 more than what Rickenbacker paid for it in 1927. The article reports that Joe Cloutier had been named treasure, and Terre Haute Banker Leonard Marshall was to serve as secretary.
• The next attachment is the "jump" that concludes the eighth article. Despite Shaw's reportedly negative remarks about Rickenbacker, the World War I flying ace was effusive with praise for Shaw and Hulman.
• The next attachment provides a rare nod to Homer Cochran for bringing Hulman, Shaw, and Rickenbacker together to discuss and eventually consumate the deal. Most of the article is a quick tutorial on the track's history up to that point in time.