ANDRETTI GREEN RACING SHAREHOLDERS SIGN LETTER OF INTENT TO SPLIT OFF PROMOTIONS BUSINESS
INDIANAPOLIS, Ind. (Aug. 20, 2009) - 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."