One of NASCAR’s biggest teams is ceasing its Cup Series activities.
Stewart-Haas Racing announced Tuesday that it will shutter its top-level NASCAR team. The team, founded in 2009 when Tony Stewart became co-owner with Gene Haas, currently fields four cars in the Cup Series for Josh Berry, Chase Briscoe, Noah Gragson and Ryan Preece.
A joint statement from Tony Stewart and Gene Haas, the co-owners of Stewart-Haas Racing, regarding the future of our team beyond the 2024 season. pic.twitter.com/S9hkjnTNXi
— Stewart-Haas Racing (@StewartHaasRcng) May 28, 2024
SHR’s closure comes as the team lost two long-time sponsors at the end of the 2023 season. Busch Light moved to Ross Chastain’s No. 1 car at Trackhouse Racing following the retirement of Kevin Harvick, and Smithfield left NASCAR completely when Aric Almirola retired from full-time competition.
Stewart became the first driver-owner to win a NASCAR Cup Series title when he won his third championship for SHR in 2011. Three years later, Harvick won the Cup Series title.
Since then, things have slowly gone downhill for the team, even though Harvick was a loyal player. Harvick was 13th in the points standings a season ago, while Almirola, Briscoe and Preece all finished outside the top 20. The organization went winless through an entire Cup Series season for the first time ever.
Rumors of a downsizing or total shuttering have been circulating for months, as SHR did not have a contract with Ford after the 2024 season. Teams typically have their manufacturers lined up years in the future.
Four charters available
The closure of Stewart-Haas means teams looking to expand may not have to pay top rates for a charter — essentially NASCAR’s version of a franchise. The 36 chartered cars are guaranteed participation in every Cup Series race as well as a larger share of the prize money.
The only charter on the market ahead of the 2024 season sold for approximately $40 million when Spire purchased the charter from Live Fast Racing in September 2023. With all four SHR charters on the market, it will be a surprise if any of the team’s guaranteed charter entries sell for nearly that number.
Trackhouse could be in the market for a new charter together with Front Row Motorsports. Trackhouse loans Zane Smith to Spire Motorsports in 2024 and a few additional charters could make room at the two-car team for him and/or Shane van Gisbergen.
The charter agreement between NASCAR and teams currently limits teams to a maximum of four charters. However, that agreement expires at the end of the 2024 season and the sanctioning body and its teams do not appear close to agreeing a new deal. In addition to SHR, Hendrick Motorsports and Joe Gibbs Racing are also fielding four cars.
