Michael Andretti is breaking up with Kevin Savoree and Kim Green, his partners in Andretti-Green Racing.
In a news release late this afternoon, it was announced that Andretti, Savoree and Green have executed a letter of intent to split off Andretti Green Promotions and Andretti Green Toronto into a separate company from Andretti Green Racing.
When all is said and done, Michael Andretti will be the sole owner of Andretti-Green Racing and Savoree and Green will own A-G Promotions and A-G Toronto.
Andretti-Green Racing entered four cars in this year’s Indy Racing League championship for Marco Andretti, Danica Patrick, Tony Kanaan and Hideki Mutoh.
It has been rumoured that Patrick, whose contract ends at the conclusion of the 2009 season, would leave the team either to race in NASCAR or to stay in Indy car, likely with Chip Ganassi Racing.
Today's events may accelerate her decision.
Andretti-Green Promotions has promoted the successful Indy car race in St. Petersburg, Fla., for a number of years. Andretti-Green Toronto promoted the Toronto street race in July after a year’s absence.
Although the company pronounced the event a success, seasoned race-watchers in Toronto were less enthusiastic and will be eager for information on how today’s developments will affect the race going forward.
Michael Andretti, although the “face” of the Toronto race, acknowledged in an interview with me in late June that he did not have “that much to do” with the actual preparation and presentation of what was called the Honda Indy Toronto.
Savoree was the front-man for Toronto and the future of the race would appear to be in his hands.
In a statement that is short and to the point, Andretti, Savoree and Green said this today:
"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."
It will take awhile for the dust to settle on what’s happened today.
This could be very good news for the Honda Indy Toronto, or not-so-good.
We can only wait and see.