Andretti Autosport settles lawsuit from Andretti Sports Marketing
The lawsuit filed against Andretti Autosport by Andretti Sports Marketing has been resolved, although the terms of the settlement have not been disclosed
John Lopes and Starke Taylor, who were co-owners of ASM along with Michael Andretti, launched the suit last week claiming, amongst other things, that Andretti's IndyCar team is insolvent.
A team statement issued on Tuesday said that the parties have reached a preliminary settlement agreement through the assistance of Mediator John R Van Winkle.
According to the statement, Van Winkle observed that "all parties ... went to extraordinary lengths to keep their employees, fans and the racing community in mind."
The statement also said there will be no further litigation, and that the matter has been dismissed. As part of the settlement, ASM will be sold to Lopes and Taylor, and renamed.
Andretti Sports Marketing was the event promotion arm of Andretti's business, with recent credits that included prolonging the life of IndyCar's street race in Baltimore, and stepping in to rescue the Milwaukee race.
However the status of its events have recently become ever more precarious: Baltimore eventually fell off the IndyCar calendar in 2014, NOLA is not expected to be part of the series' schedule in 2016, Milwaukee is perennially under threat, and the Formula E round at Miami will not return for the second season.
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