“Then sell the series,” Michael Andretti demands $3 billion worth IndyCar owner to sell the championship amidst hesitation for more investment

Michael Andretti spearheads Andretti Global, a legacy motorsport group that competes in different series worldwide. The ex-F1 driver and IndyCar star tried to enter his own team in Formula 1. However, F1 rejected Andretti-Cadillac’s proposal. Now, the 61-year-old has expressed his frustrations over billionaire IndyCar owner Roger Penske.

Roger Penske owns Penske Entertainment which includes IndyCar as well as the Indianapolis Motor Speedway. The massive group also owns Team Penske which even competes in various categories. Penske recently proposed a charter that would allow all IndyCar teams to invest $1 million into the sport to get more value for their outfits. However, Michael Andretti dismissed this proposal and even labeled it as ‘comical.’

From what I understood about the first proposal about the charters... It was comical.

Michael Andretti said as reported by IndyStar

The 61-year-old made it clear that $20 million would not make a difference to the series. Michael Andretti claimed that IndyCar needed at least $100 million to improve its standing globally. However, Roger Penske was unwilling to invest more money into the championship.

First of all, $20 million isn't going to do anything. You've got to have five times that number -- at least. And it's like, 'Don't take our money, Roger. You bought the series. We don't own the series.

Andretti claimed that it would be better for the sport if Penske simply sold IndyCar. The former F1 driver reckoned that many would be interested in growing the series to its full potential. However, Michael Andretti admitted that a big investment was needed for such a change. Subsequently, the 61-year-old suggested that Roger Penske should step aside.

Then sell the series... I think there's a lot of people on the sidelines thinking, 'This is a diamond in the rough if you do it right.' But what you need is big money behind it to get it to that level, and if he's not willing to do it, I think he should step aside and let someone else buy it.

Michael Andretti reveals his conversation with Roger Penske

The Andretti Global boss claimed that he suggested Roger Penske bring a minor investor to the sport. Penske Entertainment could sell a minority stake in IndyCar to a new investor. This would allow the series to expand via much-needed funds without Penske losing any control in decision-making. However, Michael Andretti claimed that Roger Penske was not interested in such a proposition.

I told him, Why don't you sell part of the series to somebody to use that money, as an equity stake. You still keep that control, but take that money and invest it, but he doesn't want any partners.

It must be noted that Andretti did not express any interest in acquiring IndyCar. Andretti Autosport is one of the biggest names in the championship. The American giant even unveiled its new state-of-the-art wind tunnel recently.

Certainly, IndyCar remains behind NASCAR and Formula 1. The American open-wheel series has been iconic for the Indy500. However, the championship dwarfs in comparison to NASCAR, the premier racing series in the United States. It remains to be seen the direction that Penske Entertainment’s takes for the future of IndyCar.

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