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DATE News (chronologically)
08/20/09
irl
AGR splits up, Andretti now sole owner of race team UPDATE Michael Andretti told SPEEDTV.com that he expects to be a team owner for a very long time.

Michael Andretti is happy to go it alone
"I've learned a lot the last few years and I think I'm really ready to do it," said the 46-year-old native of Nazareth, Pa. who maintains a full-time residency in Indianapolis. "I liked it right away, I just wasn't as hands on as I am now. I'm here every day during the season and I have been since the end of 2006. I've got a lot of good people around me and the key is to let them to their job.  I love it. And I want to do it as long as I can, like Carl (Haas) and Roger (Penske). That's my goal."

Both AGR and Andretti Green Promotions will have new names for 2010, Andretti said.

08/20/09 The shareholders of Andretti Green Racing, Inc., Michael Andretti, Kim Green and Kevin Savoree, announced today that they have executed a letter of intent to split off Andretti Green Promotions and Andretti Green Toronto into a separate company from Andretti Green Racing.

Andretti Green Racing began competing in the Indy Racing League in 2003 and currently fields four fulltime teams in the IndyCar Series and two teams with AFS Racing in Firestone Indy Lights. Andretti Green Racing also campaigns A1 Team USA in the A1GP World Cup of Motorsport. Andretti Green Promotions was formed in 2004, and owns and operates the Honda Grand Prix of St. Petersburg, which served as the 2009 IndyCar Series season-opening event. Andretti Green Toronto owns and operates the Honda Indy Toronto IndyCar Series event which premiered this past July.

The letter of intent is subject to the execution of definitive agreements with an anticipated closing of October 2009. The terms of the letter will not be disclosed.  Upon the completion of the transaction, Andretti will wholly own and operate Andretti Green Racing while Green and Savoree will wholly own and operate the promotions business.

JOINT STATEMENT FROM SHAREHOLDERS
MICHAEL ANDRETTI, KIM GREEN AND KEVIN SAVOREE:
"Since becoming partners in 2002, we have been fortunate to see our companies expand and diversify quickly and successfully. All of us believe that this decision will maximize the potential of both companies in the future."
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