Michael Andretti penned a heartfelt letter to his fans confirming reports that he would be stepping down from his duties as owner of the Andretti Global team.

Michael Andretti resigns as CEO of Andretti Global, sharing the news through an emotional open letter to fans.

F1 Andretti - Michael Andretti, after leading Andretti Global since 2002, has officially announced his step back from the team's day-to-day operations. In an open letter, the former driver explained that the decision is the result of a long reflection matured in recent months,

The 62-year-old has been at the helm of his namesake team since his driving days. It has won five Indianapolis 500s.

Andretti will no longer be CEO of the racing empire that bears his name, though he'll still "serve as a strategic advisor and key ambassador."

Andretti told The Associated Press that he retains partial ownership in the team that bears the name of one of racing’s great families. Michael’s father, Mario, is a former F1 world champion and one of the leading drivers in IndyCar history. Michael Andretti, 62, has 10-year-old twins and recently became a grandfather.

Michael Andretti is reportedly set to relinquish his ownership stake of Andretti Global, transitioning to a more strategic role within the organization, accordi

Michael Andretti has released his first statement since it was announced he was stepping back from his day-to-day running of Andretti Global, insisting it "isn't a goodbye" from the team run under his name.