Michael Andretti hands over control of race team to business partner. Formula 1 plans in limbo
Michael Andretti has restructured Andretti Global to give co-owner Dan Towriss control of the organization
Michael Andretti has restructured Andretti Global to give co-owner Dan Towriss control of the organization while Andretti will stay on as a strategic advisor of the team he has led since 2002.
Andretti in early 2023 confirmed he'd sold part of the company to Towriss, owner of Gainbridge and holding company Group 1001. Gainbridge is one of the largest sponsors in IndyCar and also sponsors Andretti driver Colton Herta's car and the Indianapolis 500.
The team has rapidly expanded with Towriss' influx of cash, and Towriss has been part of Andretti's push to join Formula 1. Andretti is still listed as CEO and chairman of Andretti Global, which is the name the team changed to when Towriss became part of the ownership group.
Towriss is listed on the team's official website as a partner who “with a genuine passion for motorsports and deep partnerships in the industry, Dan is changing the way people look at the business of motorsports.”
“Michael's goal has been to transition to a more strategic role with Andretti Global and focus less on the operational side of the race team,” the team said in a Friday statement. «Michael and Dan Towriss have been working closely on developing this new structure, one which Michael is excited to see take shape under Dan's guidance.
“Michael remains engaged and will continue to serve as a strategic advisor and key ambassador.”
The transition was first reported by Sportico, a publication owned by Roger Penske's son. Andretti and Penske have been at odds the entire season with Andretti complaining at the March season-opening race that Penske was not spending enough to properly market the series
Read more on abcnews.go.com
