TWG Motorsports is an umbrella organisation designed to cover the broader TWG Group’s motorsport assets.

Andretti Global is owned by TWG Group, which also has interests in Formula 1 via Cadillac, IndyCar, NASCAR, and sportscar racing in the United States.

The move comes after Michael Andretti last October announced he was stepping away from the day-to-day operations of the entity which carried his name.

“Many of my best memories have come at the wheel of this organization, and I am so proud of what we have built,” Andretti said in a statement on the Andretti Global website.

“But decades of running flat out doesn’t come without sacrifice and, after much thought and reflection over the past several months, I came to the decision to take a step back.

“I’ve had a day-to-day operational role since even before I stepped out of the race car.”

According to the organisation, the new Motorsports division has been created “to bring together a portfolio of leading motorsports organisations to drive competitive excellence, ingenuity and commercial innovation across the globe, with the aim of challenging at the very top of the sport.”

It also separates the motorsport operations from TWG Group’s other sporting interests, which include the Los Angeles Dodgers, Chelsea Football Club, Professional Women’s Hockey League and stakes in the Los Angeles Lakers, among others.

TWG Motorsport Group will be led by Dan Towriss, the driving force behind the organisation’s F1 project and CEO of Group 1001 Insurance, a U.S. financial services firm with more than $66 billion in assets under management.

“With a combination of operational excellence, technology and innovation, TWG Motorsports has the opportunity to drive true transformation in racing, set new standards for the industry and build a legacy of success across the globe,’’ Towriss said.

While the underlying business structure has changed, there are not expected to be any notable differences for Walkinshaw Andretti United, where it remains business as usual.

Chaz Mostert sits third in the drivers’ championship after the opening weekend of racing in Sydney, with the squad holding the same position in the teams’ championship.

WAU’s other ownership elements remain under the control of United Autosport and Walkinshaw Racing.