Andretti Global team CEO and chairman Michael Andretti to step down from operations as part owner Dan Towriss takes control.
The team confirmed on Friday that Michael Andretti will step down from his role as CEO, entrusting the operational reins of the organization to Dan Towriss, a long-time business associate and financial backer.
With the move, the 61-year old will focus on the organization’s strategy serving as the key ambassador and strategic advisor, marking a pivotal moment for the team he has nurtured over the years.
According to a report that Sportico released early on Friday, sources acquainted with the situation revealed that Andretti will be relinquishing his ownership stake in Andretti Global.
Later in the day, the organization released a statement that detailed the decision for Michael Andretti to step down from operations but did not specifically confirm the change in ownership.
“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,” read the 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. We will have more to share in the coming weeks, after Michael and Dan have had an opportunity to speak to the team.”
Dan Towriss, who has been a key figure in Andretti Global’s financial landscape through his ventures with Gainbridge and Group 1001, will now lead the team. The 51-year old has been instrumental in supporting the team’s growth and ambitions, including its aspirations to enter Formula 1.
The restructuring comes at a time when Andretti Global is looking to solidify its presence across various racing series, including IndyCar and Formula E. However, the backdrop of the change is largely marked by Andretti’s tumultuous journey towards securing F1 entry.
This comes after the organization submitted its application to join the grid in February 2022 and made notable progress by forming an alliance with Cadillac as its power unit supplier.
However, despite receiving initial support from the FIA, their bid was ultimately rejected by Formula One Management (FOM) earlier this year, citing concerns over the team’s competitiveness and questioned how Andretti Global would add value to the championship.
The rejection did not sit well with Michael Andretti or his father, Mario Andretti, both of whom have been vocal critics of FOM’s decision-making process.
In various interviews, Michael recounted instances where he felt personally slighted by Liberty media CEO Greg Maffei during discussions about their bid. He has consistently argued that Andretti Global represents a significant investment in motorsport and is committed to establishing a competitive presence within F1.
The fallout from this rejection has been further complicated by legal scrutiny; the U.S. Department of Justice has launched an antitrust investigation into Liberty Media, FOM’s parent company, to determine whether their decision to deny Andretti’s entry was legally justified.
This investigation adds another layer of complexity to an already intricate situation as Andretti Global seeks to navigate its future.
While the move for Michael Andretti to step down from operations may seem like a retreat, it is strategically positioned as an opportunity for him to refocus on broader ambitions within motorsport. His recent joy at becoming a grandfather further underscores his desire to balance personal milestones with professional commitments.
As he transitions into his new role as an advisor and ambassador for Andretti Global, there is speculation that this change could help mend relationships within the motorsport community that have become strained due to recent controversies.
