Daniel Towriss, CEO of the Group 1001 insurance coverage and monetary companies firm based mostly in Zionsville, Indiana, and first investor of Andretti World, has taken management of the enterprise.
Crew co-founder Michael Andretti, the 1991 CART IndyCar Sequence champion, will stay connected to the group in an advisory and ambassadorial position. Information of the sizable change in management construction was first reported by Sportico.
The explanation for the alleged change was not cited by the sports activities enterprise website owned by Jay Penske, son of NTT IndyCar Sequence and Indianapolis Motor Speedway proprietor Roger Penske. A rising division between Andretti and Towriss has been alleged by quite a few paddock sources in latest months, however no proof of the matter has been established.
In an announcement offered by the workforce, Andretti World suggests Andretti — a lifelong racer — is willingly handing over the reins of the workforce and firm that bears his identify.
“Michael’s aim has been to transition to a extra strategic position with Andretti World and focus much less on the operational aspect of the race workforce,” Andretti World mentioned. “Michael and Dan Towriss have been working intently on creating this new construction, one which Michael is worked up to see take form beneath Dan’s steerage.
“Michael stays engaged and can proceed to function a strategic advisor and key ambassador. We can have extra to share within the coming weeks, after Michael and Dan have had a chance to talk to the workforce.”
Towriss entered IndyCar in 2018 because the sponsor of driver Zach Veach with Group 1001 and its Gainbridge property represented on the No. 26 Andretti Autosport Honda. The three-year deal ended prematurely for Veach, however Andretti retained Group 1001/Gainbridge relationship and funding, and by 2021, Andretti and Towriss have been actively looking for a Components 1 workforce to buy.
Unable to purchase their manner into F1 with Towriss’s monetary backing, the duo established a brand new enterprise, Andretti World, in an effort to achieve entry to F1 as a constructor. In 2022, Andretti Acquisitions Company was fashioned and registered with the Securities and Alternate Fee with a acknowledged aim of elevating $250,000,000 for business-related investments and purchases.
With Towriss’s rumored and separate funding into Andretti World mentioned to match or exceed that determine, Andretti’s new companion is known to have taken a directorial position inside the expansive racing group, and inside the IndyCar paddock, is usually characterised as Andretti’s new boss.
Drawing from the alleged nine-figure infusion from Towriss and Group 1001, Andretti’s footprint within the sport expanded at a speedy charge.
Together with its three-car IndyCar workforce that options major sponsorship with Gainbridge on Colton Herta’s No. 26 Honda and Delaware Life, one other Group 1001 property, on Marcus Ericsson’s No. 28 Honda, Andretti/Towriss additionally bought Wayne Taylor Racing’s two-car IMSA WeatherTech SportsCar Championship workforce in 2023, maintains a four-car Indy NXT program that gained the championship in 2024, has an ongoing effort to launch a two-car F1 effort with Basic Motors by its Cadillac model, and is constructing an unlimited new base in Indiana on account of Towriss’s funding.
Andretti World can be allegedly on the middle of one other storm with final week’s raid of the Rahal Letterman Lanigan Racing IndyCar and IMSA workforce by the Federal Bureau of Investigation in relation to a former Andretti World worker, who’s alleged to have taken mental property from Andretti to RLL.
RACER understands extra operational modifications with Andretti World personnel are being thought of, which might lengthen to personnel shifts in its IndyCar program and its F1 initiative.
