The 62-year-old has been at the helm of his namesake team since his driving days. It has won five Indianapolis 500s.

A week after his shock departure from Andretti Global, Michael Andretti has penned an open letter to fans explaining his decision.

Michael Andretti has released his first statement since it was announced he was stepping back from his day-to-day running of Andretti Global, insisting it "isn't a goodbye" from the team run under his name.

Andretti Global continues to field competitive drivers like Colton Herta, Marcus Ericsson, and Kyle Kirkwood in IndyCar and operates across seven different racing series. Their plans include giving female driver Jamie Chadwick an IndyCar test and supporting the development of the teenage sons of the late Dan Wheldon.

Michael Andretti will step down from his ownership role at Andretti Global to take a more behind-the-scenes position with the organization.

Motorsports icon Michael Andretti tells The Associated Press he’s at a point in his life where he no longer wants to run the day-to-day of his global operation and that’s why he turned over leadership to his business partner.

Michael Andretti is stepping down as the CEO of Andretti Global amidst a turbulent period following the rejection of their bid to join Formula 1.

Michael Andretti shocked the racing world two weeks ago with the sudden announcement of his departure from his own multi-series racing team. Now that the dust has settled, Andretti on Monday revealed why he stepped away and what he plans to do next.

Last week, rumours started after Michael Andretti announced he was quitting, with immediate effect, as owner of the racing team that bears his own surname. For instance, the American was said to have fallen out with business partner Daniel Towriss,