Michael Andretti relinquishes ownership stake in Andretti Global

Michael Andretti is set to relinquish his ownership stake of Andretti Global.

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, the FOM announced it had rejected Andretti’s appeal. It cited multiple reasons for the decision, among them being at potential lack of competitiveness on Andretti Global’s part, as well as the fact that the 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 the FOM, in order to determine if the FOM’s rejection of Andretti was legal.

Further, personal fights seem to litter the entire Andretti Global saga. Mario Andretti revealed 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.”

Andretti Global and Dan Towriss have not yet responded to requests for comment.

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