F1 Rumor: Michael Andretti giving up on F1, selling share of team

Having been told by Liberty Media’s CEO Greg Maffei that he will never have his entry into F1 approved, rumor has it that Michael Andretti is going to cash out.

Three people with knowledge of the move have told this to Sportico.

Related Article: It appears Andretti burnt his final bridge into F1 – After he got the US Congress involved to investigate Liberty Media, Maffei blew a gasket and told father Mario that he will do everything in his power to make sure Michael never has a team in F1.

Andretti Global did not immediately respond to a request for comment from Sportico, but one can assume that if Michael is no longer part of the company, its entry into F1 might get the green light.

If true, this might be Michael falling on his sword for the good of the company, or it might be that he is now having financial issues. Zapata Computer Holdings, which Michael’s SPAC (Andretti Acquisition) took public at $10 a share, closed Thursday trading at $0.33.

The company was rebranded as Andretti Global in 2023, less than a year after executive Dan Towriss and his holding company Group 1001 bought an ownership stake in the Andretti motorsports operations. The investment was in part to fund a potential Formula One team.

When Group 1001 became involved, Michael was reportedly only a minor shareholder at that point.

Last year, company was a bidder for an expansion F1 team. Michael was vocal about his desire to land a team, which didn’t help the organization’s bid with the typically tight-lipped F1 governing body. F1 didn’t add any new teams despite the FIA approving his application.

Towriss did not immediately respond to a request for comment from Sportico.

No word if Andretti will stay involved with the other Andretti entities, such as Andretti IndyCar.