GEM said that a sponsor and number announcement would be coming soon. No word on plans for Chip Ganassi Racing’s No. 41 Target Dodge, currently driven by Sorenson. Also, no word on what will happen to Patrick Carpentier, driver of GEM’s No. 10 Dodge.

Sorenson will become a teammate to Kasey Kahne and Elliott Salder.

GEM’s CEO Tom Reddin said:

[Sorenson] is a highly marketable young driver who knows how to win races, and has a long career full of promise ahead of him.

Chip Ganassi said:

After much internal discussion over the last few months we agreed that parting ways with Reed was the right decision for all of us. The business side of sports is never easy and this was just a business decision that was made on both our parts. We wish Reed nothing but the best.

Hopefully this will be a positive change for Sorenson, who reportedly lost favor with the team after missing a sponsorship appearance. Some also questioned his dedication.

Moving over to GEM can be a fresh start for Sorenson, who drove for CGRWFS his entire Sprint Cup career.

Some have question Ganassi’s dedication to his NASCAR program, as his attention sometimes seems to be more focused on his Indy Racing League team.

Perhaps an owner who is focused on Cup may be better for Sorenson.

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.

Ganassi said:

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.