Daniel Towriss, CEO of Zionsville, Indiana-based Group 1001 insurance and financial services company and a major investor in Andretti Global, has taken control of the business.
Team co-founder Michael Andretti, a 1991 CART IndyCar Series champion, will remain associated with the organization in an advisory and ambassador role. There has been news of significant changes to the leadership structure. first reported Sportico.
The sports business site, owned by Roger Penske, son of NTT IndyCar Series and owner of Indianapolis Motor Speedway, did not cite a reason for the change. A growing split between Andretti and Towriss has been claimed by numerous paddock sources in recent months, but no evidence on the matter has been established.
In a statement provided by the team, Andretti Global suggested that Andretti, a lifelong racer, would be willing to hand over the reins of his namesake team and company.
“Michael’s goal was to transition into a more strategic role at Andretti Global and focus less on the operational aspects of the race team,” Andretti Global said. “Michael and Dan Towriss have worked closely together to develop this new structure and Michael is excited to see it take shape under Dan’s leadership.
“Michael remains involved and will continue to serve as a strategic advisor and key ambassador. We’ll have more to share in the coming weeks after Michael and Dan get a chance to speak with the team.”
Towriss joined IndyCar in 2018 as a sponsor for driver Zach Veach, along with the Gainbridge assets represented by the Group 1001 and No. 26 Andretti Autosport Honda. Veach’s three-year contract ended early, but Andretti maintained the Group 1001/Gainbridge relationship and financing, and by 2021 Andretti and Towiss were actively looking for a Formula 1 team to purchase.
Unable to enter F1 with Towriss’s financial backing, the pair set up a new business called Andretti Global in an effort to enter F1 as a constructor. In 2022, Andretti Acquisitions Corporation was formed and registered with the Securities and Exchange Commission with the goal of raising $250 million for business-related investments and purchases.
With Towriss’ rumored and separate investment in Andretti Global said to match or exceed those figures, Andretti’s new partner is understood to have taken on an oversight role within the wider racing organization and is often characterized as Andretti’s new boss within the IndyCar paddock .
With an alleged nine-figure injection from Towriss and Group 1001, Andretti’s presence in the sport expanded at a rapid pace.
Colton Herta’s no. Gainbridge and Marcus Ericsson’s No. 26 Honda. Along with a three-car IndyCar team that features primary sponsorship with Delaware Life, another Group 1001 asset in the No. 28 Honda, Andretti/Towriss also purchased a two-car IMSA from Wayne Taylor Racing. The 2023 WeatherTech SportsCar Championship team maintains the four-car Indy NXT program that won the 2024 championship and is making ongoing efforts to launch a two-car F1 effort with General Motors through its Cadillac brand and, thanks to Towriss’ investment, the state of Indiana. .
Andretti Global is also reportedly at the center of another storm, with the Federal Bureau of Investigation raiding the Rahal Letterman Lanigan Racing IndyCar and IMSA team last week in connection with a former Andretti Global employee who allegedly stole intellectual property from Andretti. To RLL.
RACER understands that further operational changes are being considered across the Andretti Global workforce, which could extend to personnel moves for the IndyCar program and F1 initiatives.
