Michael Andretti Steps Down from Andretti Global Ownership: Major Leadership Shift Amid F1 Bid Rejection

Michael Andretti gives up his ownership in Andretti Global

Significant leadership shift at Andretti Global

Michael Andretti has given up his ownership share in Andretti Global.

Since 2002, Andretti has served as the face of the company. Moving forward, he will continue to be associated with the organization in a capacity that focuses on providing advice and serving as an ambassador, rather than engaging in the day-to-day operations of the team.

A declaration affirmed: "Michael aims to shift towards a more strategic position within Andretti Global and reduce his involvement in the race team's daily operations."

"Michael and Dan Towriss have been collaborating closely on creating this innovative framework, and Michael is enthusiastic about watching it come to life under Dan's leadership."

Michael will stay involved and will keep working as a strategic advisor and important representative. We will provide further updates in the next few weeks, after Michael and Dan have had a chance to talk to the team.

Andretti is the child of Mario Andretti, who is renowned as the 1978 Formula One world champion.

This follows the rejection of Andretti's proposal to join Formula 1 within the next two years.

Andretti, in collaboration with General Motors, received approval from the FIA, the sport's governing body, for their entry. However, their participation was vetoed by F1's commercial rights holders.

Formula 1 concluded that an additional team would not independently enhance the value of the championship, but they did not rule out the possibility of a new team joining starting in 2028.

Formula 1 stated that it would consider an application for a team to join the 2028 championship differently if the team used a GM power unit, whether as a GM factory team or as a GM customer team creating all permitted components internally.

In this scenario, there are extra elements to take into account regarding the worth the applicant would add to the championship, especially concerning the introduction of a renowned new car manufacturer to the sport as an engine supplier.

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