CHAMPCAR/CART: Team Green sold to Michael Andretti

INDIANAPOLIS (July 23, 2002) -- Barry Green announced today that he has reached an agreement to sell Team Green to Michael Andretti, Kim Green and Kevin Savoree. The sale of Team Green is effective December 1, 2002, when the organization will become ...

CHAMPCAR/CART: Team Green sold to Michael Andretti

INDIANAPOLIS (July 23, 2002) -- Barry Green announced today that he has reached an agreement to sell Team Green to Michael Andretti, Kim Green and Kevin Savoree. The sale of Team Green is effective December 1, 2002, when the organization will become known as Andretti Green Racing.

Andretti will own a majority interest in Andretti Green Racing and will be its chief executive officer, while Kim Green will continue in his current role as president and Savoree will continue to serve as chief operating officer and vice president of finance. Barry Green will be involved with Andretti Green Racing on a consulting basis and will have a financial interest in the organization but will not have any responsibilities in its day-to-day operations.

Andretti Green Racing will be managed by a five member board of directors including Andretti, Kim Green, Savoree, Barry Green and J-F Thormann, managing director of Andretti International. The team will continue operating from the 44,000 square foot facility built in Indianapolis by Team Green in 1996.

"Michael and I have enjoyed a close and productive relationship dating back to our days at Kraco Racing," said Barry Green. "When he joined Team Green last year Michael mentioned he was interested in owning a race team at some stage of his career, but it wasn't until last winter that he approached me about buying the team. I knew Kim and Kevin were also interested in team ownership, so I saw this as the perfect opportunity, not so much to sell Team Green, but to pass it on to my brother, Kevin and Michael."

"Owning a racing team hasn't necessarily been a life-long ambition," said Andretti, "but as I began moving up the driver seniority list, I thought about how I could continue to be involved in the sport after my driving days are over. I have an enormous amount of respect for Barry, as a friend and as a businessman, and when I came to Team Green I saw first hand just how strong an organization he has built. I couldn't have asked for a better opportunity than to join Kim and Kevin in taking over the team from Barry."

Team Green currently fields a pair of KOOL-sponsored Honda-Lolas for drivers Dario Franchitti and Paul Tracy, along with a Motorola-sponsored Honda-Lola for Andretti, in the CART FedEx Championship Series. The team also entered Chevrolet-Dallaras sponsored by 7-Eleven and Motorola/Archipelago in the 2002 Indianapolis 500. No decisions have been made regarding Andretti Green's racing plans for 2003.

"We're looking at all our options," said Andretti. "Kim, Kevin, J-F and I will do what we believe is in the best interests of Andretti Green Racing and all of its employees. We hope to announce our plans within 60 days."

-AGR-

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