IndyCar team owner Michael Andretti has agreed to sell his stake in Andretti Sports Marketing LLC as part of a preliminary settlement of a lawsuit filed in Marion Superior Court.
The race team made the announcement Wednesday, less than a week after details of the suit went public.
John Lopes and A. Starke Taylor claimed Andretti had improperly allocated money from the marketing company to help fund his race team. Lopes and Taylor each own 20 percent of the marketing company, while Andretti had owned 60 percent.
Andretti also has recently fired Lopes as ASM president and manager.
The settlement came after a meeting Tuesday with mediator John R. Van Winkle.
Andretti's team said terms of the settlement will remain confidential and no further litigation will take place.
The lawsuit claimed Andretti’s auto sports empire is teetering on insolvency and that's why the former driver used money from the marketing firm. Many teams in the IndyCar Series are suffering from cash woes.
But Andretti said the allegations were “unfounded.”
ASM—formed in 2012—organizes events and manages hospitality for racing and other sports.