Furniture Row Racing, the team of 2017 Monster Energy Nascar Cup Series champion Martin Truex Jr, have announced that they will be forced to close at the conclusion of the 2018 season.
The Denver-based team will cease operations as a result of a lack of requisite funding to put forward a competitive team throughout the season.
Team owner Barney Visser, who also owns home furnishings and bedding retailers Furniture Row Companies, said of his decision to announce the impending closure of the team: “This is not good for anybody. The numbers just don't add up.
“I would have to borrow money to continue as a competitive team and I'm not going to do that. This was obviously a painful decision to arrive at knowing how it will affect a number of quality and talented people.”
The team has failed to find a new primary sponsor to replaceAmerican energy drink brand 5-hour Energy, which announced that it would ends it partnership with the team following the 2018 season.
He added: “I feel that it's only proper to make the decision at this time to allow all team members to start seeking employment for next year. I strongly believe that all of our people have enhanced their careers by working at Furniture Row Racing."
Truex Jr, who joined Furniture Row Racing in 2014, said: “While I am saddened by today's announcement, I totally understand the decision.
“Barney Visser, Joe Garone and the entire Furniture Row Racing team took me in while my career was in a bad place, and together we reached the pinnacle of the sport. I will forever be grateful to each and every one of them, and also to Furniture Row, Denver Mattress and the Visser family.”
The team will continue to race until the end of the season as they look to retain their Monster Energy Nascar Cup Series title.