Stewart-Haas Racing (SHR), a two-time NASCAR championship team with a legacy of success, has announced that it will be shutting down its operations at the conclusion of this season. Co-owners Tony Stewart and Gene Haas made the difficult decision public on Tuesday, ending months of speculation about the future of their four-car Cup Series team.

With 69 Cup Series victories since its establishment in 2009, SHR has been a formidable force in the world of stock car racing. However, the demanding nature of the sport and the need for continuous commitment and resources have led the owners to realize that it's time to pass the torch.

The news was shared with approximately 300 SHR employees late on Tuesday afternoon, marking the end of an era for the racing organization. The team currently fields Cup Series cars for Josh Berry, Chase Briscoe, Noah Gragson, and Ryan Preece. While Berry and Gragson are new additions to the team this season, Briscoe expressed gratitude towards SHR on social media and stated that he will be looking for new opportunities in the Cup series for himself and the entire organization.

In addition to closing its Cup Series team, SHR will also be shuttering its Xfinity Series team, which includes cars driven by Cole Custer and Riley Herbst. Gene Haas, the founder of Haas CNC Racing in 2002, originally brought Tony Stewart on board as a co-owner in 2009. This partnership proved fruitful, with Stewart securing the team's first Cup victory in his debut season and following it up with a Cup title in 2011. Kevin Harvick added a second championship in 2014.

The retirement of veterans such as Stewart, Harvick, and Clint Bowyer, along with the loss of significant sponsorships from Smithfield Foods and Anheuser-Busch, have posed challenges for SHR in recent years. The team's last Cup Series victory came in 2022 with Harvick before his retirement, and they went winless in the Cup races last season.

Additionally, SHR is set to lose some support from Ford at the end of this season. Mark Rushbrook, the global director of Ford Performance, stated that the company is unaware of SHR's plans beyond this year. The future of the four charters owned by SHR, which guarantee entry into the field each week, is also uncertain. Teams such as Front Row Motorsports, 23XI Racing, and Trackhouse have shown interest in potentially acquiring them.

As SHR prepares to close its doors, the fate of its drivers remains unknown. While Briscoe is free to explore other opportunities, Berry's contract option for next year and Gragson's multi-year deal with backing from Bass Pro Shops opens doors for them as well. Preece, in a contract year with SHR, is now free to explore potential options within the series. Both Custer and Herbst may also have opportunities, thanks to their respective financial backing and previous success.

Stewart and Haas expressed their pride in the wins, championships, and the close-knit culture they built over the years at SHR. They also pledged to assist their employees in finding new opportunities beyond the 2024 race season.

It remains to be seen if Haas will maintain his involvement in Formula 1 or if he has plans to exit from that arena as well. The ongoing fight between teams and NASCAR over charters, set to expire at the end of this season, adds another layer of complexity to the team's closure. Despite the challenges, Stewart-Haas Racing will be remembered for its significant achievements in NASCAR, including two Cup titles, two Xfinity championships, and victory in prestigious events like the Daytona 500, Brickyard 400, and Southern 500.