Michael Andretti is to step back from the race team he founded, Andretti Global with immediate effect, with control being taken by Daniel Towriss, CEO of the Group 1001 insurance and financial services business.
Andretti, the 1991 CART IndyCar Series champion who cofounded the business, will continue to work with the organisation in an advisory and ambassadorial role, the announcement released on Friday said.
“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,” a statement from Andretti Global said.
“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. We will have more to share in the coming weeks, after Michael and Dan have had an opportunity to speak to the team.”
More detailed explanations for the reasons behind the ownership change and management shakeup was not given at the time.
Towriss and Group 101 first entered IndyCar in 2018 as the sponsor of driver Zach Veach in the #26 Andretti car. Towriss was subsequently very involved in Andretti's bid to buy or launch a new Formula 1 team.
However F1 has been opposed to the idea of Andretti joining F1 as a a team owner with Liberty Media CEO Greg Maffei once telling Mario Andretti "I want to tell you that I will do everything in my power to see that Michael never enters F1.”
Michael Andretti alongside father Mario and Dan Towriss.
FOM it had rejected Andretti’s appeal at the start of 2024 citing cited multiple reasons, including a potential lack of competitiveness on Andretti Global’s part and questioning whether Andretti would add any value to F1.
The US Department of Justice hads since launched an antitrust investigation into F1 owner Liberty Media in order to determine if the rejection of Andretti was legal.
Towriss’ rumoured investment into Andretti Global is understood to match or exceed that of Andretti. He and Andretti both took directoral roles in the new Andretti Acquisitions Corporation investment vehicle launched in 2022.
Over the intervening years it has enabled the team to add Colton Herta and Marcus Ericsson to its burgeoning lineup to its existing standard three-car IndyCar line-up.
It's unclear whether this development is related to last week’s raid of the Rahal Letterman Lanigan Racing IndyCar and IMSA team by the Federal Bureau of Investigation.
The raid was instigated in relation to a former Andretti Global employee who is alleged to have taken intellectual property from Andretti to RLL.
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