Michael Andretti denies IndyCar team in financial trouble despite filing of lawsuit

Michael Andretti said Wednesday that allegations his IndyCar team is in financial trouble are "unfounded."

The statement came less than 24 hours after a lawsuit, filed July 30 in Indianapolis, was made public.

Two minority owners of Andretti Sports Marketing claim Andretti Autosport attempted to cover its debts by using some revenue from ASM and borrowing money.

According to the lawsuit, ASM believes Andretti Autosport has less than $2 million in unencumbered assets and at least $7 million in debt — plus additional liabilities that may exceed $10 million.

The marketing company is seeking damages and the reinstatement of John Lopes as ASM manger.

Andretti said the plaintiffs don't know the team's financial details because they do not have access to the team books.