Stewart-Haas Racing, co-owned by Tony Stewart and Gene Haas, has announced it will cease operations after the 2024 NASCAR season. The decision comes amid financial strains and shifting business focuses of the owners. The team plans to sell its four NASCAR Cup Series charters, with potential buyers including Front Row Motorsports, 23XI Racing, and Trackhouse Racing. The closure will affect drivers and staff, with efforts underway to assist them in transitioning to new opportunities.
Stewart-Haas Racing, a prominent name in NASCAR with two championships and numerous wins, is set to close its doors after the 2024 season. This move marks the end of an era for the team that started in 2009 and has been a significant player on the racing circuit. Financial challenges and the evolving interests of its owners, Tony Stewart and Gene Haas, have led to this tough decision. The team's closure will have a considerable impact on its current drivers and the broader NASCAR landscape.
In recent years, Stewart-Haas Racing has faced significant financial hurdles, including the loss of major sponsors like Anheuser-Busch and Smithfield, and the impending end of their partnership with Ford. These financial challenges, combined with the owners' shifting focus towards other business ventures such as Formula 1 and NHRA racing, have made sustaining the NASCAR team increasingly difficult. Gene Haas's involvement with his Formula 1 team and Tony Stewart's engagement in NHRA racing have diverted their attention and resources away from NASCAR, influencing their decision to cease the team's operations by the end of 2024.
The closure of Stewart-Haas Racing puts several drivers, including Chase Briscoe and Josh Berry, in a precarious position as they look for new teams. The team's four NASCAR Cup Series charters are expected to be sold, with potential buyers like Front Row Motorsports, 23XI Racing, and Trackhouse Racing showing interest. The sale of these charters, valued between $20 to $30 million each, will play a crucial role in the restructuring of the NASCAR grid for the 2025 season. This transition phase is critical for drivers and other team members as they navigate their future in the sport.
The decision to close Stewart-Haas Racing was described by co-owners Tony Stewart and Gene Haas as incredibly difficult. In their statements, they emphasized the demanding nature of NASCAR competition and the substantial commitment required to run a successful team. They expressed pride in the achievements of Stewart-Haas Racing over the years, including championships and numerous race wins. The owners assured that they would assist their employees in finding new opportunities beyond the 2024 racing season, acknowledging the impact of their decision on the team's dedicated personnel.
The closure of Stewart-Haas Racing marks a significant shift in NASCAR's competitive landscape. As the team concludes its operations, the focus shifts to the future of its drivers and the reallocation of its valuable charters. This development reflects broader trends in the sport, where financial viability and strategic focus determine the longevity and success of teams. The next steps for the team's personnel and assets will be closely watched by the racing community.
"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." - Tony Stewart and Gene Haas