Andretti sells the team
If it’s not the definitive end to the Formula 1 project, we’re close. After attempting to enter the top flight as the eleventh team supported by the giant General Motors (specifically by the Cadillac brand), Michael Andretti steps back in management of Andretti Global. The former American driver, son of motorsport legend Mario Andretti, has in fact sold the majority share of the company to the insurance magnate Dan Towriss with the precise intention of having a less operational role in daily management and more of a representative one.
Michael Andretti speaks
“We worked on this sale – Andretti explained to the news agency Associated Press – for a few months. For me, considering the stage of life I’m in and what I wanted to do, it was the right time to take a slightly different role within the team. A role where I don’t need to be in the office every day but which still keeps me involved. I will certainly still be busy as an advisor and as an ambassadorthe agreement I found with Dan satisfied both parties. I’m 62 now and at this age you don’t have too many years left to do what you want. I have achieved many goals in my life and now it’s time to enjoy them”.
Who is Dan Towriss
The official press release from the team, which in any case should continue to compete in IndyCar and Formula E, carrying on the tradition of the Andretti surname, specifies how Michael Andretti still retains a share of the company. Formal control and daily management will pass into the hands of Towriss, former president and CEO of Group 1001, who began a few years ago as a simple sponsor of one of the team’s IndyCar cars through the Gainbridge brand and who then became Michael’s partner purchasing a minority stake in Andretti Global. Asked about this by AP, Towriss declined to comment on how the change in leadership might impact the team’s original plan to enter F1.
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