Stewart-Haas Racing will cease operation at end of 2024 season

Stewart-Haas Racing, the acclaimed NASCAR team that has garnered two championships and 69 Cup Series victories since its inception in 2009, will be closing down at the end of this season.

The announcement came from co-owners Tony Stewart and Gene Haas following nearly a year of speculation about the potential sale of their four-car Cup team’s charters and the possibility of reducing their involvement or exiting the series entirely. The news was shared with the nearly 300 employees of SHR on Tuesday afternoon.

“It is a decision that did not come easily, nor was it made quickly,” said the owners. “Racing is a labor-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.”

Currently, SHR fields Cup cars for Josh Berry, Chase Briscoe, Noah Gragson, and Ryan Preece. Berry and Gragson are in their first season with the team. SHR holds an option on Briscoe for 2025, and despite the closure rumors, he has not been allowed to explore future job opportunities.

“Stewart Haas has been home to my family and I for the last 7 years, and at the end of the year, myself and the entire organization will be looking for a new home and new opportunities in the Cup series,” Briscoe posted on social media. “I have amazing partners behind me and can’t wait to get them back in victory lane.”

The closure will also affect the SHR Xfinity Series team, which fields cars for Cole Custer and Riley Herbst.

Gene Haas originally founded Haas CNC Racing in 2002. Before the 2009 season, he brought in Stewart as a co-owner. At that time, Stewart had already won two Cup championships with Joe Gibbs Racing but saw an opportunity to co-own and elevate a small team.

In his debut season in 2009, Stewart achieved the rebranded team’s first Cup victory, winning four races that year, and secured their first Cup title in 2011. Kevin Harvick added another championship in 2014.

Since the retirement of Stewart, Harvick, and Clint Bowyer from NASCAR driving, SHR has faced a tough rebuilding process. The team’s last Cup Series win was in 2022 with Harvick, a year before his retirement. SHR did not secure a Cup race win last season.

Ford is set to reduce its support for the team at the end of the season, although Mark Rushbrook, the global director of Ford Performance, mentioned to The Associated Press last week that he was not aware of SHR’s plans beyond this year.

This season also saw SHR lose significant sponsorships when Smithfield Foods exited NASCAR and Anheuser-Busch moved its support to Trackhouse Racing.

Haas spends most of his time focusing on his Formula 1 team, and Stewart is now fully engaged in a NHRA racing schedule, making them absentee owners at NASCAR events. The 71-year-old Haas was also ill for much of last year.

Joe Custer, the chief operating officer and a close associate of Gene Haas, runs the NASCAR team. His son, Cole, won the Xfinity championship last year for SHR.

SHR has achieved notable successes, including two Cup titles, two Xfinity championships, and wins at major events like the Daytona 500, Brickyard 400, and Southern 500.

“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,” Stewart and Haas said. “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.”

Part of Haas’ F1 team operations is based at the Kannapolis shop, and it is uncertain whether this will continue or if Haas plans to exit F1 as well.

The future of SHR’s four charters, which guarantee entry into the field each week, remains uncertain. Spire Motorsports purchased a charter for $40 million last year, though charter values fluctuate annually.

Teams are in a heated dispute with NASCAR over the charters, set to expire at the end of this season. The teams want the charters to be permanent rather than renewable, but NASCAR has not agreed.

If SHR decides to sell the charters, there appears to be interest from Front Row Motorsports, 23XI Racing, and Trackhouse. Speculation also suggests that Joe Custer might keep one charter to run a car for his son.

The future destinations of SHR’s drivers are still unknown. Briscoe should now be able to negotiate with other teams. The team held an option on Berry for next year, but he does not have much personal sponsorship and got his break with SHR this season.

Gragson has a multi-year contract with support from Bass Pro Shops that he could take to another team. Preece, in a contract year with SHR, is already free to explore other options.

Cole Custer might drive in either the Cup or Xfinity Series with support from Haas’ CNC Automation company, while Herbst, with significant backing from Monster Energy, should also find opportunities.

Courtesy of NASCAR