Newman-Haas Racing, co-founded by the late actor Paul Newman, is pulling out of the 2012 IndyCar Series after 29 seasons of competition.
“The economic climate no longer enables Newman-Haas Racing to participate in open-wheel racing at this time,” co-founder Carl Haas said last night on the team’s website.
Last season, the team finished fourth in the IndyCar Series with Oriol Servia. Driver James Hinchcliffe was chosen Rookie of the Year.
From 1983-2011, Newman-Haas drivers earned eight championships, 107 race wins and 109 pole positions.
The Lincolnshire, Illinois-based team never won the Indianapolis 500, although it employed some of the most notable drivers in race history, including Mario Andretti, Nigel Mansell, Paul Tracy and Christian Fittipaldi.
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