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Michael Andretti is stepping down as the owner of the sports company he has owned since 2002.
Photo by Chris Graythen/Getty Images
According to three persons with knowledge of the situation, Michael Andretti is giving up control of the sports business he has led since 2002, Andretti Global.
Andretti is listed as CEO and president of Andretti Global, whose sporting teams have won the Indianapolis 500 five days and are the son of legendary vehicle Mario Andretti.
Less than a month after senior Dan Towriss and his holding firm Group 1001 purchased a controlling interest in the Andretti sports operations, the business was renamed Andretti Global. The money was in part used to buy a possible Formula One team. Andrea has been considering a change from his functional role for some time.
In a speech to Sportico, Andretti Global stated that Michael’s goal is to shift to a more strategic role with the company and concentrate less on the team’s administrative side. He and Dan Towriss have been working on a possible structure for this, and they have come to a conclusion that Michael is very pleased with and believes may lead to a bright future. Michael is still active and may continue to act as a trusted advisor and principal advocate. After Michael and Dan have had the opportunity to speak with the team, we will have more to promote in the coming months.
For an development F1 group, F1 Andretti Global was the buyer next month. Andretti was vocal about his desire to land a team, an outspokenness which did n’t help the organization’s bid with the typically tight-lipped F1 governing body. F1 did n’t add any new teams.
Towriss did not respond to a post demand right away.
Andretti and his parents Mario established a specific purpose acquisition business called Andretti Acquisition in 2021. A SPAC is a company that goes public after raising money for an IPO before seeking to get another company.
In March this year, Andretti closed a consolidation with Zapata Computing Holdings, a relational AI firm. According to information made by Zapata in a processing two weeks ago, Andretti Global is Zapata’s largest consumer, while Zapata sponsors the racing crew. According to the agreements, Zapata is paying Andretti Global$ 9 million, while Zapata is paying Zapata$ 6 million, with the exception of$ 1 million, which is contingent on Zapata to pay the motorsports team$ 1 million.
At the end of 2024, all of the partnerships expire. Zapata, which Andretti’s SPAC took public at$ 10 a share, closed Thursday trading at$ 0.33. With almost 13 % of the company’s reduced equity, Michael Andretti continues to have a financial stake in Zapata.
( Andretti Global has updated this story with a statement. )
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