Michael Andretti 'sets the record straight' on IndyCar return amid rumors about buying PREMA Racing

Michael Andretti has set the record straight about owning an IndyCar team again, a year after departing the series. The racing legend was recently linked with a possible interest in buying PREMA Racing, which is facing financial difficulties after only one season in IndyCar.

Andretti stepped down as chairman and CEO of Andretti Global in September 2024, shortly after the IndyCar season concluded. He handed the reins of his namesake organization to business partner Dan Towriss, who assumed majority control.

In 2025, the racing icon was seen only once in the IndyCar paddock at the season-opening Grand Prix of St. Petersburg. However, reporter Marshall Pruett recently shared that he'd heard rumors in the paddock about Michael Andretti possibly exploring buying a stake in PREMA Racing, which is looking for sponsorships to stay afloat in IndyCar.

The 1991 CART champion put an end to those rumors via an X post on Tuesday (October 21).

"Just to set the record straight, I have no intention what so ever to become an owner of an INDYCAR team," Andretti wrote.

Michael Andretti

@michaelandretti

Just to set the record straight, I have no intention what so ever to become an owner of an INDYCAR team.

Andretti stepped aside from Andretti Global in 2024 to ease the team's entry into F1. There was reportedly some tension between Formula One Management and him, because of which his F1 bid, which is now the Cadillac F1 team, wasn't given the green light for an entry. Once he stepped aside, partner Dan Towriss fast-tracked the project and got a provisional yes from F1 for the team's 2026 entry.

As for the other side of the coin about the recent rumors, PREMA Racing is also rumored to be eyeing a full sale of the IndyCar team for around $20-25 million. Co-team owner Deborah Meyer reportedly invested over $40 million for the team's rookie season.

Michael Andretti's 'no headaches' experience of IndyCar after retirement

Michael Andretti at the ABB FIA Formula E World Championship 2024 Portland E-Prix - Source: Getty

Michael Andretti was pleasantly surprised with his experience of his first IndyCar race weekend as a fan and not a team owner. When he attended the 2025 Grand Prix of St. Petersburg, many familiar faces in the paddock told him he looked "happy".

Andretti, the winningest driver in the CART era of IndyCar, also had no schedule or goals to meet that race weekend, which made the experience more strange.

"No headaches. It’s weird that I have no schedule," Andretti said via AP News. "I’m not used to it, like, I don’t know what to do. I’m happy. Everybody is telling me I look happy. I didn’t know I was that miserable when I was here before."

Though Michael Andretti is no longer part of IndyCar or the Cadillac F1 project, his father, Mario Andretti, the director of the F1 team, has credited the 63-year-old for birthing the project that is expected to become a powerhouse team with true American roots once it settles down at the pinnacle of motorsport.