Verizon IndyCar Series team owner Michael Andretti has "dabbled in other enterprises" outside of motorsports -- a chain of car washes, car dealerships, powersport stores and real estate -- but in the last decade, he has "divested all of that to focus on racing," according to Anthony Schoettle of the INDIANAPOLIS BUSINESS JOURNAL. Andretti recently launched AndrettiTV, a digitally based channel, and has expanded "his event-promotion and hospitality operation." He is "accustomed to being at the center of a whirlwind," as he owns teams in IndyCar, Formula E and Global Rallycross. Chicago-based consulting firm Frost Motorsports President Tim Frost: "Andretti is one of the most diversified companies in all of motorsports. He certainly has the most diversified team in IndyCar. It’s amazing what he’s done. He’s done it without the deep pockets of someone like Roger Penske or a mega-sponsor like Chip Ganassi has in Target." Schoettle noted Andretti "disdains ... selling sponsorships." Andretti said, "That process has such highs and lows. You get leads, you follow up, you have this long sales process, you think you have it, and it can so easily fall apart. It’s very frustrating." He said that the different series "gives sponsors more options for involvement." Schoettle noted motorsports experts estimate that Andretti "has to raise" about $50M annually to operate his business. However, Andretti "loathes the idea of cutting expenses, noting that it could sully his company’s brand." He said, "If you make cuts, the sponsor is going to get what they pay for, and no one will be happy" (IBJ.com, 5/16).
SUPER MARIO WORLD: SI's Andrew Lawrence writes Mario Andretti, Michael's father, has an estimated net worth of $100M, due in large part to his post-racing life as an "eclectic entrepreneur." John Caponigro, Andretti's business manager, "encouraged him to parlay his corporate affiliations into something more lasting." Andretti in '97 partnered with a former Texaco marketing exec "to create Andretti Petroleum, with the intent of making it a wholesale fuel distributor and chain retailer." Today, the company "owns 37 gas stations in Northern California." However, his "true off-road passion ... is wine." A brand of Andretti wine "sold through a licensing deal in '94 was so successful" that he and a business partner in '95 "bought a distressed Napa Valley vineyard and began to turn it around." After "considerable investment to overhaul the vines and the staff, The Andretti Winery now distributes 30,000 cases per year across 30 states" (SI, 5/25 issue).
