Nascar’s Stewart-Haas Racing to cease operations at end of 2024 season

Four-car Cup Series team and two-car Xfinity Series entry will stop running under Stewart-Haas banner.
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  • Stewart-Haas Racing holds four Cup Series charters
  • Spire Motorsports bought a charter for US$40m last year

Stewart-Haas Racing will close its Nascar operations at the end of the 2024 season.

The four-car Cup Series team and the outfit’s two-car entry in the second-tier Xfinity Series will cease running at the end of this season. Stewart and Haas first partnered in 2009.

A joint official statement from co-owners Tony Stewart and Gene Haas read: ‘We have made the difficult decision to close Stewart-Haas Racing at the conclusion of the 2024 season. It is a decision that did not come easily, nor was it made quickly.

‘Racing is a labour-intensive, humbling sport. It requires unwavering commitment and vast resources, with a 365-day mindset to be better than everyone else. It’s part of what makes success so rewarding.

‘But the commitment needed to extract maximum performance while providing sustainability is incredibly demanding, and we’ve reached a point in our respective personal and business lives where it’s time to pass the torch.

‘We’re proud of all the wins and championships we’ve earned since joining together in 2009, but even more special is the culture we built and the friendships we forged as we committed to a common cause – winning races and collecting trophies.

‘That is the same commitment we made to our personnel, our partners and our fans coming into this year, and that commitment will remain through the season finale at Phoenix.

‘We have tremendous respect and appreciation for all of our employees, and we will work diligently to assist them during this transition to find new opportunities beyond the 2024 race season.’

BlackBook says…

While this announcement confirms the immediate future of Stewart-Haas Racing, it doesn’t clarify what will happen with the team’s charters.

Stewart-Haas Racing hold four of them, which guarantee entry to the 36 Cup Series races. However, there is currently no charter agreement in place from next season.

Since the charter system was introduced, they have increased 11 times in value. Spire Motorsports purchased Live Fast Motorsports’ charter for around US$40 million last year.

The timing of this announcement suggests Stewart and Haas expect a new charter agreement soon so they can cash in on their four charters, which could net them close to US$200 million based on Spire’s purchase last season.

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