Binford attended
Princeton University, where he was a member of
Phi Beta Kappa. He was interim president of
DePauw University in 1975–76. Although he did not have any prior banking experience, Binford was elected
chairman and
chief executive officer of
Indiana National Corporation, the holding company for the largest bank in the state of Indiana, from 1976 to 1981, turning the company around after it lost money during the
1973–75 recession. He was instrumental in bringing the
Colts to Indianapolis. His greatest contribution was creating an environment in the city of Indianapolis where issues of civil rights and race could be discussed productively and without rancor. A street in northeastern Indianapolis was renamed Binford Boulevard in his honor. in Indianapolis. Binford began serving as chief steward during the
1973 Indianapolis 500. In 1978, Binford was a candidate in the
FISA presidential election but lost the election to
Jean-Marie Balestre by 29 votes to 11. His most notable races include the
1981 Indianapolis 500 and the
1995 Indianapolis 500. Binford penalized
Bobby Unser one lap for illegal passes under a caution in 1981. His penalty was overruled by a USAC appeals board five months later. In 1995, Binford penalized Jacques Villeneuve early in the race for a restart violation and later gave a stop-and-go penalty to
Scott Goodyear after Goodyear passed the pace car on the final restart. The 1995 race was his last as chief steward before retiring in 1996. Binford suffered a cerebral hemorrhage while he was at his office in Indianapolis and later died at
Methodist Hospital. He is buried at
Crown Hill Cemetery in
Indianapolis. ==References==