Stewart-Haas Racing, the title-winning NASCAR team co-owned by three-time Cup Series champion Tony Stewart and Gene Haas, the founder of Haas Automation, will shut down at the end of the 2024 season.

The following is a joint statement from Stewart and Haas:

"We have made the difficult decision to close Stewart-Haas Racing at the conclusion of the 2024 season. It is a decision that did not come easily, nor was it made quickly.

"Racing is a labor-intensive, humbling sport. It requires unwavering commitment and vast resources, with a 365-day mindset to be better than everyone else. It's part of what makes success so rewarding.

"But the commitment needed to extract maximum performance while providing sustainability is incredibly demanding, and we've reached a point in our respective personal and business lives where it's time to pass the torch.

"We're proud of all the wins and championships we've earned since joining together in 2009, but even more special is the culture we built and the friendships we forged as we committed to a common cause--winning races and collecting trophies.

"That is the same commitment we made to our personnel, our partners and our fans coming into this year, and that commitment will remain through the season finale at Phoenix.

"We have tremendous respect and appreciation for all of our employees, and we will work diligently to assist them during this transition to find new opportunities beyond the 2024 race season."

For more information, visit stewarthaasracing.com.