Michael Andretti slams lawsuit claiming IndyCar team is insolvent

Michael Andretti has vowed to "aggressively" fight a lawsuit from within his own organisation after his partners in Andretti Sports Marketing commenced proceedings claiming that the race team is insolvent

Michael Andretti slams lawsuit claiming IndyCar team is insolvent

Long-time Andretti lieutenant John Lopes, who was removed from his position of president of ASM last month, has combined with fellow ASM co-owner Starke Taylor in filing a suit in the Marion County Supreme Court against Andretti Autosport Holding Company.

In addition to the claims about the IndyCar team's financial situation, which state that the team is $7million in debt with just $2million in assets, the suit also claims that Andretti mismanaged ASM.

The organization was recently stripped down to a skeleton staff due to the perilous situation of its events: the IndyCar race at Baltimore fell off the calendar a year ago, NOLA is expected to follow suit next year, and Milwaukee is once again in doubt.

ASM also promoted the Formula E round in Miami, which will not return next season.

Andretti issued a statement on Tuesday arguing that the lawsuit was merely an attempt to damage his reputation.

"This lawsuit is a disingenuous and self-serving attempt to benefit John Lopes and Starke Taylor at the expense of Andretti Autosport and its 120 employees," he said.

"The allegations by Lopes and Taylor will not be supported by the evidence and we will aggressively respond with the truth.

"My family has strived to earn an exemplary reputation in all facets of our personal and professional lives.

"We will not allow this reckless attempt at grabbing leverage to impact our family name."

The suit is the second involving ASM in recent months.

In June, the company began legal action against NOLA over what it claimed were missing payments relating to the organisation and promotion of the venue's inaugural IndyCar race earlier this year.

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