Group 1001 President and CEO Dan Towriss says that Michael Andretti will remain involved with Andretti Global but has just stepped back from the daily grind of operating the team.
It was announced last week that Andretti was stepping away from the team that he founded in 2003.
Clarifying the situation, Towriss, who will takeover the day to day operation of the team, said:
We didn’t say that he doesn’t own our team. There’s all kinds of speculation. We certainly have restructured the ownership. Michael still has a financial interest. This got leaked in a way that put us on our back foot in terms of responding to things.
Towriss went on to say:
People are going to always look to try to fill a vacuum with stories that sound great and are super interesting. This one is not super interesting. Michael said this was a time to take on a different role from the daily grind.”
Group 1001 companies are involved with Andretti Global with Gainbridge serving as the primary sponsor to Colton Herta’s No.26 Honda while Marcus Ericsson is sponsored by Delaware Life.