A statement released by Target Chip Ganassi Racing indicated the four-time IndyCar champion had undergone surgery to temporarily stabilize the ankle in the wake of the spectacular Sunday wreck on the final lap of the Grand Prix of Houston.
The 40-year-old Scotsman also sustained a concussion and two spinal fractures in the crash, which also inflicted minor injuries to 13 fans at Reliant Park -- two of whom were hospitalized.
Franchitti "will remain in Houston for a few days, at which time he will be transported to Indianapolis for further evaluation," Ganassi Racing said.
The popular driver also released statement thanking fans "for all the well wishes. They mean a lot to me. I would also like to send my best to all the fans involved in the accident and hope that everyone is alright."
Notable deaths of 2014 [PHOTOS]