Michael Andretti has stepped down as owner of Andretti Global, the multi-series team he has held a stake in for more than 20 years.

In an open letter shared by the team, Andretti revealed that Dan Towriss, a co-owner of the team, has taken on full ownership of the team.

Andretti will be vacating his role running day-to-day operations of the organization--which currently fields cars in the NTT INDYCAR SERIES, INDY NXT, Formula E, Extreme E, IMSA, Supercars and Super Copa--but will continue as an advisor for the team.

Although it was not addressed in the statement, published reports indicate that Andretti Global will continue its highly publicized effort to gain entry into Formula 1. According to Motorsport.com, the team's England base continues to recruit staff in an effort to have chassis for the new regulations slated for 2026.

For more information, visit andrettiglobal.com.