Michael Andretti buys into racing team

INDIANAPOLIS, July 23 (UPI) -- One of the biggest names in auto racing as a driver is now one of its newest team owners as well.

Michael Andretti became one of the new owners of Team Green Tuesday, a team that may join the Indy Racing League.

Barry Green, the team owner of the CART operation that also competed in the Indianapolis 500, has agreed to sell his team to Andretti, his brother Kim Green and Kevin Savoree. The sale will take effect Dec. 1 when the organization will become known as Andretti Green Racing.

Michael Andretti, currently the active victory leader in CART, will be the majority owner and becomes the team's chief executive officer while Kim Green will continue in his current role as president with Savoree continuing as chief operating officer and vice president of finance.

Barry Green will be involved in the team as a consultant and will have a financial interest in the operation.