MOORESVILLE, N.C., Jan. 31 (UPI) -- Michael Andretti's storied career will come to an end when the checkered flag drops for the Indianapolis 500 on May 25.
Andretti announced his retirement Friday night at the Indianapolis Motor Speedway Hall of Fame Museum. The son of the legendary Mario Andretti will concentrate on ownership of his IRL team -- Andretti Green Racing.
"I know I've made the right choice to buy this team and I also know that to be truly successful at team ownership, you have to be willing to give 110 percent to the job," Andretti said. "I've decided that I want to be a team owner full-time, but first there's still a little piece of unfinished business I want to take care of on the race track.
"I still want to win the Indianapolis 500. It's the one thing that I haven't done in my career and it's the one thing that I really want to accomplish."
Andretti's retirement statement came only months after he joined forces with Kim Green and Kevin Savoree to purchase Team Green from Barry Green.
The trio has been immersed in the formation of AGR since it officially opened for business on Dec. 3. The team also announced it will field three cars at every IndyCar Series race this season and four cars at the Indianapolis 500.
"I'm a very lucky man," Andretti said. "Over the past 20 years I've been able to pursue my dreams and succeed at my profession. I've been supported, encouraged and surrounded by people in the racing industry who continue to show me that anything is possible in this sport.
"I am very happy about this decision. Believe me when I tell you that I will be just as proud to accept first-place trophies as the team owner of Andretti Green Racing as I have been to accept them as a driver."