Chip Ganassi Racing with Felix Sabates announced today that it was ceasing operations of its No. 40 team, driven by Dario Franchitti due to lack of sponsorship.
In a press release, Ganassi said:
This is a difficult decision for [co-owner] Felix [Sabates] and I that did not come without its share of anguish. In this tough business environment, continuing to run the car without proper funding has become increasingly difficult.
The team is considering its future plans for Franchitti, which could include finishing out the Nationwide season.
Ganassi’s other two teams, the No. 41, driven by Reed Sorenson, and the No. 42, driven by Juan Pablo Montoya, will remain full time in the season.
If I keep going I run the risk of dragging the other two teams down. I don’t want to do that. There’s no money. It makes no sense to be running this out of my pocket. I had to put a stop to it.
The decision to shut down the team also meant more than 70 layoffs at CGRFS.