Michael Andretti relinquishes stake in Andretti Global

Michael Andretti has relinquished his ownership stake in Andretti Global.

Andretti has been the figurehead of the company since 2002. He will remain linked to the organisation in an advisory and ambassadorial role, rather being involved in the operational side of the team. 

A statement confirmed: “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."

Andretti is the son of racing legend Mario Andretti, the 1978 F1 world champion.

It comes after Andretti’s bid to enter F1 in the next two years was rejected.

Andretti’s entry in partnership with General Motors had been approved by governing body the FIA but was blocked by commercial rights holders F1.

F1 determined that an 11th team “would not on its own add value” to the championship, but left the door open for admission from 2028.

F1 added it would “look differently on an application for the entry of a team into the 2028 championship with a GM power unit, either as a GM works team or as a GM customer team designing all allowable components in-house.

"In this case there would be additional factors to consider in respect of the value that the applicant would bring to the championship, in particular in respect of bringing a prestigious new OEM [car manufacturer] to the sport as a PU [engine] supplier."