CHARLOTTE, N.C. – Stewart-Haas Racing, a two-time NASCAR championship team with 69 Cup Series victories since its formation in 2009, will close its organization at the end of this season.
Co-owners Tony Stewart and Gene Haas announced the decision Tuesday after nearly a year of rumors that their four-car team was looking to sell its charters and either downsize or exit the stock car series entirely. The news was delivered to SHR’s nearly 300 employees late Tuesday afternoon.
The company’s owners said: “It is a decision that did not come easily, and was not made quickly.” “Racing is a labor-intensive and humbling sport. It requires unwavering commitment and enormous resources, with a 365-day mentality to be better than everyone else. It’s part of what makes success so rewarding. But commitment is required to maximize performance while providing sustainability is key.” Very demanding, and we have reached a point in our personal and professional lives where it is time to pass the torch.”
This year SHR features the Cup Series cars of Josh Berry, Chase Briscoe, Noah Gragson and Ryan Preece. Perry and Gragson are in their first seasons with the team. SHR holds a 2025 option on Briscoe and was not contractually allowed to discuss future employment options even as rumors swirled that SHR would close.
“Stuart-Haas has been home to my family and I for the past seven years, and at the end of the year, the entire organization and I will be looking for a new home and new opportunities in the Cup Series,” Briscoe posted on social media. “I have great partners behind me and I can’t wait to get them back to victory lane.”
The move would also close down the SHR Xfinity Series team, with two cars driven by Cole Custer and Riley Herbst.
Gene Haas founded Haas CNC Racing in 2002 and the California businessman lured Stewart as co-owner before the 2009 season. Stewart had won two Cup championships for Joe Gibbs Racing at the time, but he couldn’t turn down an equity stake and the chance to help a small team Winning races and competing for titles.
Stewart in his first season in 2009 gave the rebranded team its first Cup win—winning four races that year—and its first Cup title in 2011. Kevin Harvick added a second championship in 2014.
Stewart, Harvick and Clint Bowyer all retired from NASCAR driving, and SHR has been in an exhausting rebuilding process ever since. The organization’s last Cup Series win was in 2022 with Harvick a year before his retirement. SHR did not win a Cup race last season.
The team is also set to lose some of its support from Ford at the end of the season, although Mark Rushbrook, global director of Ford performance, told The Associated Press last week that he had no idea what SHR’s plans are beyond this year.
SHR also lost major sponsorship this season when Smithfield Foods exited NASCAR and Anheuser-Busch moved to Trackhouse Racing.
Haas spends most of his time with his team in Formula 1 and Stewart drives the full NHRA schedule, leaving both owners absent from NASCAR events. The 71-year-old Haas was also sick for much of last year.
The NASCAR team is primarily managed by Joe Custer, chief operating officer and longtime Gene Haas confidant. His son Cole won the Xfinity Championship last year for SHR.
Among SHR’s accomplishments are two Cup titles, two Xfinity championships and victories that include crown jewel events like the Daytona 500, Brickyard 400 and Southern 500.
“We are proud of all the wins and championships we have earned since joining together in 2009, but what is even more special is the culture we have built and the friendships we have formed while committing 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 hard to help them through this transition period to find new opportunities after the 2024 racing season.”
Part of the Haas Formula 1 team is managed from the Kannapolis shop and it is not clear whether that will continue or whether Haas has plans to also leave Formula 1.
It’s also not clear what happens to the four charters SHR holds that guarantee entry to the field each week. Spire Motorsports purchased a $40 million contract last year, but the actual lease value fluctuates annually.
Teams are locked in a bitter battle with NASCAR over charters, which are set to expire at the end of this season. Teams want to make it permanent and non-renewable but NASCAR has refused to budge on the issue.
If SHR can sell charters, there appears to be interest from Front Row Motorsports, 23XI Racing and Trackhouse. There is also speculation that Joe Custer may retain one of the charters and run a car for his son.
Where the SHR drivers land is unknown. Briscoe should be able to start talking with other teams now about his future. The team also held an option for next year on Perry, who doesn’t bring much personal care and got a break from his career when SHR hired him before this season.
Gragson’s contract was announced as a multi-year deal and he received support from Bass Pro Shops to move to another team. Preece is under contract with SHR for a year, so he already had the freedom to shop around the chain.
Cole Custer could end up in a car in either the Cup or Xfinity Series with support from Haas’ CNC Automation, while Herbst has significant financial backing from Monster Energy that would give him options.
