Michael Andretti resigns as CEO of Andretti Global, sharing the news through an emotional open letter to fans.

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

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.

Dan Towriss, an Indiana financial services investor and primary partner of Andretti Global, has taken control of the vast racing operation based in Indianapolis.

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.

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.

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

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,