Michael Andretti relinquishes ownership stake in Andretti Global – report

Mere months after Andretti Global was denied entry into the Formula 1 paddock, CEO and chairman Michael Andretti is set to relinquish his ownership stake in the operation, according to recent reports.

Michael Andretti intends to remain with Andretti Global, albeit in a more strategic position as opposed to an operational one, Sportico reports.

Michael Andretti to give up ownership of Andretti Global

Multiple sources have confirmed to Sportico that Michael Andretti is set to relinquish his ownership stake of Andretti Global, the motorsport company he has been in charge of since 2002.

The team, formerly known as Andretti Autosport, saw significant investment from Dan Towriss and his holding company Group 1001 in 2022, after which time the operation was renamed Andretti Global.

The news of Andretti’s departure from his ownership stake suggests instead that Towriss will take on operational duties, though the full details of the matter have yet to be announced.

Understanding Andretti Global’s F1 bid:

👉 F1 did not just reject Andretti’s bid…they tore it to absolute pieces

👉 Andretti F1 twist as Department of Justice launches Liberty Media antitrust probe

In February of 2022, Andretti Global submitted an application to the FIA to signal intent in joining the Formula 1 grid. Less than a year later came the news that Andretti Global intended to partner with Cadillac, a General Motors brand, to serve as a power unit supplier.

The FIA itself accepted Andretti’s bid to join the grid in early October of 2023 — though that was only the first step in a lengthy approval process. Next came approval from Formula One Management, which Andretti did not receive.

On 31 January, 2024, FOM announced it had rejected Andretti’s appeal. It cited multiple reasons for the decision, among them being a potential lack of competitiveness on Andretti Global’s part, as well as the fact that FOM did not see how Andretti would provide value to the Formula 1 championship.

The matter didn’t end there, though. Both Michael and his father Mario Andretti have been outspoken about their desire to join the Formula 1 grid. The Department of Justice launched an antitrust investigation into Liberty Media, owner of FOM, in order to determine if the rejection of Andretti was legal.

Further, personal fights seem to litter the entire Andretti Global saga. Mario Andretti claimed that, during an event in the build-up to the Miami Grand Prix, Liberty Media CEO Greg Maffei told him “Mario, I want to tell you that I will do everything in my power to see that Michael [Andretti] never enters Formula 1.”

UPDATE : Andretti Global provided a statement to RACER regarding Michael Andretti which reads, “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.

“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.”

Read more: Why Andretti’s hopes of F1 team buy-out have now all but vanished