Michael Andretti has been the main owner of the US motor racing organization since 2002. (John Lamparski/Getty Images)

Michael Andretti, who up until this point has led the US motorsports organisation and team which bears his name, is now relinquishing that stake.

Andretti Global has been so-called since last year, before which it was known as Andretti Autosport – which Andretti co-founded in 2002. It runs teams in the Formula E, IndyCar, and Extreme E championships, among others.

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Andretti, 61, is now set to transition from an operational role – currently chair and chief executive – to a more strategic position.

During his time in charge, Andretti teams have won four IndyCar Series championships, and five of the iconic Indianapolis 500 races.

In 2022, meanwhile, an ownership stake in Andretti Group was sold to Dan Towriss, a prominent US investor and financial services executive, and his holding company Group 1001. It is anticipated that Towriss will now take operational control at Andretti Global.

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In a statement to the Sportico media site, Andretti Global said: “Michael’s goal has been to transition to a more strategic role with Andretti Global and focus less on the operational side of the race team …

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“He and Dan Towriss have been working on a structure of what this could look like and have reached a direction that Michael is very happy with and believes will bring a positive future. Michael remains engaged and will continue to serve as a strategic advisor and key ambassador.”

The move by Michael Andretti has come following a rejection by motor racing’s Formula 1 of Andretti’s bid to put a team into that competition before 2028.

Andretti’s bid to gain entry into F1 began last January, when the FIA governing body launched an application process for new teams to enter into F1 in 2025, 2026 (when new engine regulations take effect), or 2027, with Andretti Global announcing it had teamed up with US car giant General Motors in a bid to enter F1 under the famous Cadillac brand.

Andretti Formula Racing then became the only applicant out of four to be put forward to the third and final stage of selection by the FIA in October, which involved gaining the approval from F1’s rightsholders.