Andretti selling stake in company as part of suit settlement

Marco Andretti, Mario Andretti
Marco Andretti, left, talks with his grandfather and 1969 Indianapolis 500 champion Mario Andretti during practice before qualifications for the Indianapolis 500 auto race at Indianapolis Motor Speedway in Indianapolis, Sunday, May 17, 2015. (AP Photo/Sam Riche)

INDIANAPOLIS (AP) — IndyCar team owner Michael Andretti has agreed to sell his stake in Andretti Sports Marketing as part of a preliminary settlement of a lawsuit filed in Indianapolis.

The race team made the announcement Wednesday, less than a week after details of the suit went public.

John Lopes and A. Starke Taylor claimed Andretti had improperly allocated money from the marketing company to help fund his race team. Lopes and Taylor each own 20 percent of the marketing company, while Andretti had owned 60 percent.

Andretti also has recently fired Lopes as ASM president and manager.

The settlement came after a meeting Tuesday with mediator John R. Van Winkle.

Andretti’s team said terms of the settlement will remain confidential and no further litigation will take place.

WISHTV.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s