INDIANAPOLIS - Tony George has been asked to step down as president and CEO of the Indianapolis Motor Speedway and his family’s business. And it’s not clear how closely he’ll remain tied to the day-to-day operations of the Indy Racing League.

The board of directors of the speedway and Hulman & Company announced Tuesday that a new management team will take over the Hulman-George companies effective July 1.

The Hulman-George family has run the speedway, home of the Indianapolis 500, for six decades and also owns the IRL and Clabber Girl, a baking-powder company based in T...

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