Andretti Sports Marketing, the event promotion business owned and operated by Michael Andretti, , appears to be in hot water. According to Autosport, former ASM president and co-owner John Lopes, along with fellow co-owner Starke Taylor, have filed a lawsuit against Andretti and Andretti Autosport Holding Company claiming the racing outfit is insolvent and that Andretti mismanaged ASM.
ASM is responsible for organizing, promoting and planning racing events all over America. Lately, however, the events that ASM normally manages are being cancelled. As of last year, IndyCar no longer races at Baltimore, and races at NOLA and Milwaukee are also expected to be canceled for the 2016 IndyCar season.
Lopes and Taylor allege Andretti Autosport is over $7 million in debt with only $2 million in assets. Andretti denies the allegations, saying the 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.”
“The allegations by Lopes and Taylor will not be supported by the evidence and we will aggressively respond with the truth,” Andretti added. “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.”
Creative Commons photo via Walter on Flickr!
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