Michael Andretti: ‘Nothing to Report Today’ on Partnership for the IndyCar Series

Photo On the day of the U.S. Grand Prix of the Americas, Andretti Autosport president and co-owner Michael Andretti said he expected the motor sports powerhouse to announce a partnership within the next five…

Michael Andretti: ‘Nothing to Report Today’ on Partnership for the IndyCar Series

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On the day of the U.S. Grand Prix of the Americas, Andretti Autosport president and co-owner Michael Andretti said he expected the motor sports powerhouse to announce a partnership within the next five days with a potential partner interested in investing in the IndyCar series.

On July 15, IndyCar announced that it was in discussions with Pinnacle Financial Partners, a Charlotte, N.C.-based financial services company and owner of the company that owns the financial website WSOC-TV. But during a news conference Tuesday on the 14th floor of the team’s headquarters, Michael Andretti said there was “nothing to report today.”

The news comes as U.S. Motor Press Association president and Sports Illustrated senior writer George Dohrmann reported in a Facebook post on July 19 that IndyCar was in “serious negotiations” with another potential investor. Mr. Dohrmann reported that the second investor would try to purchase the majority of the purse for the U.S. Grand Prix.

Mark Miles, the CEO of Indianapolis Motor Speedway, said in May that the race could earn an additional $40 million from the Indianapolis Motor Speedway and IndyCar’s parent company, WME-IMG, for underwriting sponsorship and public relations costs.

When the IndyCar series announced its partnership with Pinnacle in early May, the company also said that it could invest up to $150 million in IndyCar.

A team spokesman declined to comment beyond the statement.

The team also said during Tuesday’s news conference that it was confident in its ability to generate millions of dollars in sponsorships. The team’s first sponsor, Chip Ganassi Racing, has sponsored 16 IndyCar cars, including last year’s winner, Alexander Rossi.

“When the six-weekend has ended, we will really know if it works,” Mr. Andretti said. “I think it did last year, so I’m pretty optimistic.”

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