Michael Andretti has reorganized Andretti Global, giving co-owner Dan Towriss control of the organization while Andretti will remain as a strategic advisor. He has led the team since 2002.
In early 2023, Andretti confirmed that he sold part of the company to Towriss, who owns Gainbridge and the holding company Group 1001. Gainbridge is one of the largest sponsors in IndyCar and also supports Andretti driver Colton Herta’s car and the Indianapolis 500.
With Towriss’ investment, the team has quickly grown, and he has been involved in Andretti’s efforts to join Formula 1. Andretti is still listed as the CEO and chairman of Andretti Global, the name the team adopted when Towriss joined the ownership group.
On the team’s official website, Towriss is described 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 stated on Friday.
“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.”
The transition was first reported by Sportico, a publication owned by Roger Penske’s son. Andretti and Penske have had disagreements throughout the season, with Andretti expressing concerns at the March season-opening race that Penske was not investing enough to properly promote the series.
He stated that if Penske was not willing to provide the necessary funding, he should sell IndyCar and the Indianapolis Motor Speedway.
The comments angered Penske, and his leadership team gradually started working more directly with Towriss instead of Andretti.
The tension between Andretti and Penske increased as the season progressed, and in late August, Andretti’s leadership pointed out a clear conflict of interest when Penske driver Josef Newgarden was not penalized for certain actions while winning at Gateway near St. Louis.
Andretti Global stated that it would provide more details about the leadership changes “after Michael and Dan have had an opportunity to speak to the team.”
This season, Andretti Global had three IndyCar teams for Herta, Marcus Ericsson, and Kyle Kirkwood, and they won the final race with Herta at Nashville Superspeedway.
Herta achieved the only two victories for the team this year, which hasn’t won an IndyCar championship since 2012. With his win in the season finale, Herta finished second in the final IndyCar standings.
Andretti drivers have won the Indianapolis 500 five times, and Michael Andretti’s 42 career IndyCar wins rank fifth on the all-time list.
It is unclear what will happen next with Andretti’s ongoing attempt to enter F1, as he has faced strong opposition from both F1 owners and most of the 10 current teams in the F1 grid.
Liberty Media, which owns F1, has acknowledged that it is under investigation by the Department of Justice for possible antitrust violations regarding the blocking of Andretti’s entry into F1.
In 2021, Andretti and his father, Mario, created a special purpose acquisition company (SPAC) called Andretti Acquisition, separate from Andretti Global.
The SPAC aimed to raise money through an IPO to buy and take another business public.
In March, Andretti completed a merger with Zapata Computing Holdings, a generative AI company. Andretti Global is Zapata’s largest customer, and Zapata also sponsors the motorsports team.
According to filings, Zapata is paying Andretti Global $9 million under the agreements, while Andretti Global is paying Zapata $6 million. These agreements will expire at the end of 2024, according to Sportico.
Michael Andretti owns nearly 13% of the diluted equity of Zapata.
