Daniel Towriss, CEO of the insurance and financial services company Group 1001 based in Zionsville, Indiana, and the lead investor of Andretti Global, has taken control of the business.
The team’s co-founder, Michael Andretti, the 1991 CART IndyCar Series champion, will remain connected to the organization as a consultant and ambassador. The news of the significant change in the leadership structure was first reported by Sportico.
The reason for the alleged change was not cited by the business site owned by Jay Penske, son of NTT IndyCar Series and Indianapolis Motor Speedway owner Roger Penske. A growing division between Andretti and Towriss has been alleged by numerous paddock sources in recent months, but no evidence of the matter has been established.
In a statement provided by the team, Andretti Global suggests that Andretti – a long-time driver – is voluntarily handing over the reins of the team and the company that bears his name.
“Michael’s goal has been to transition into a more strategic role at Andretti Global and focus less on the operational side of the racing team,” said Andretti Global. “Michael and Dan Towriss have worked closely on developing this new structure, which Michael is excited to see take shape under Dan’s guidance.
“Michael remains engaged and will continue to serve as a strategic advisor and important ambassador. We will have more to share in the coming weeks, after Michael and Dan have the opportunity to address the team.”
Towriss entered IndyCar in 2018 as a sponsor for driver Zach Veach with Group 1001 and its Gainbridge property represented on Andretti Autosport Honda’s number 26. The three-year deal ended prematurely for Veach, but Andretti maintained the relationship and funding from Group 1001/Gainbridge, and in 2021, Andretti and Towriss were actively looking to buy a Formula 1 team.
Unable to enter F1 with Towriss’ financial backing, the duo established a new business, 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 stated goal of raising $250 million for investments and business-related purchases.
With rumors and Towriss’ separate investment in Andretti Global allegedly equaling or exceeding that number, it is understood that Andretti’s new partner has taken on a director role within the expansive racing organization and within the IndyCar paddock is often characterized as Andretti’s new boss.
Based on Towriss’ alleged nine-digit infusion and Group 1001, Andretti’s presence in the sport has rapidly expanded.
Along with his three-car IndyCar team featuring Gainbridge’s primary sponsorship on Colton Herta’s Honda #26 and Delaware Life, another Group 1001 property, on Marcus Ericsson’s Honda #28, Andretti/Towriss also purchased Wayne Taylor Racing’s two-car IMSA team. The WeatherTech SportsCar Championship team in 2023, maintains a four-car Indy NXT program that won the championship in 2024, has an ongoing effort to launch a two-car F1 effort with General Motors through its Cadillac brand, and is building a vast new base in Indiana as a result of Towriss’ investment.
Andretti Global is also allegedly at the center of another storm with last week’s raid on Rahal Letterman Lanigan Racing’s IndyCar and IMSA team by the Federal Bureau of Investigation regarding a former Andretti Global employee who allegedly took intellectual property from Andretti to RLL.
RACER understands that further operational changes with Andretti Global staff are being considered, which could extend to personnel changes in their IndyCar program and F1 initiative.
