Michael Andretti Relinquishing Ownership Stake In Andretti Global

Source: Joe Skibinski/Penske Entertainment / other

INDIANAPOLIS — Michael Andretti, who has manned the helm of Andretti Global and the various iterations of the racing team since 2002, has decided to bow out of the company.

No public reason has been given yet as to why Andretti is giving up his stake in the team. A report from Sportico says Andretti is looking to move into a more “strategic position.”

The team was founded as Forsythe/Green Racing in 1993 under Championship Auto Racing Teams (CART). It became Team Green in the late 90’s. Andretti, who won the CART championship in 1991 as a driver, purchased his stake in the team in 2002 as it was transitioning from the Champ Car World Series to the Indy Racing League.

Andretti was chairman and CEO of the team by 2003 as it rebranded to Andretti Green Racing. From 2009 to 2023 the team was rebranded again as Andretti Autosport.

Finally, in a restructuring of the team before the 2023 NTT IndyCar Series season the team was rebranded once more as Andretti Global. Andretti also competes in the IMSA WeatherTech SportsCar Series, Formula E, Indy NXT Series, Australian Supercars, and has even been pushing to start a NASCAR arm.

Some sources believe that Dan Towriss and his company, Group 1001, are purchasing a majority stake in the racing team. The team has made other business moves behind the scenes as well with Andretti closing a merger with Zapata Computing Holdings back in March. Zapata is a company that deals in artificial intelligence.

Disclosures show that Andretti himself is retaining a 13% equity share of Zapata.

Michael Andretti’s exit from the team also comes as the organization has been trying to break into the Formula 1 paddock. That has been a dramatic whirlwind for the team which was approved entry into Formula 1 by the FIA, which governs the series, but was rejected by the series itself, which said in a report that Andretti’s bid with General Motor’s Cadillac-brand, “would not add value” to the series.