NEW Andretti role revealed in statement following team boss exit

Andretti Global CEO Michael Andretti has issued a statement revealing his new role within the business, following reports that he had stepped down from the day-to-day running of the team.

The team compete in the NTT IndyCar Series and Indy NXT, as well as competing in other motorsport series including Formula E and IMSA.

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Andretti have been pursuing an opportunity to become the 11th team on the Formula 1 grid for the last few years, but were pushed back in their efforts when Formula One Management questioned the value they would bring to the sport.

Nevertheless, buoyed by the fact that the FIA initially granted their entry, Andretti have pressed on, signing F1 legend Pat Symonds to their corner and opening a new facility in Silverstone Park.

Andretti's new role

However, drama hit the team earlier this week, when reports suggested Andretti had stepped down from his position as owner.

Andretti will instead take up a more 'strategic role' away from the day-to-day operational side of the business.

Businessman Dan Towriss, CEO of an insurance and financial services company, is instead expected to take the role of the primary owner within the team.

Now, Andretti has revealed the reason why he has made the decision to step down, and has revealed the nuances of his new, differing role.

"We've been working on this for a few months now," Andretti told Associated Press. "For me where I am in my life and what I want to do, the timing was right for me to take a little different role with the team.

"A role where I don't have to be on it every day and I can still stay involved because I'll be involved as an advisor as well as an ambassador. We were able to come to a deal between myself and Dan and I think we are both happy with what we came up with."

"I'm 62 years old and you know, you only have so many years left to do things," Andretti continued. "I've got a lot of great things happen for me in my life, and now is the time to enjoy some of them."

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