INDIANAPOLIS, Jan. 29 (UPI) -- Tony George has shutdown IndyCar Vision Racing citing lack of sponsorship, the team said Friday.
In a statement on Twitter, the team, which was sponsored last season by Menards, a home improvement chain, said it will continue to search for sponsorship to resume operations.
George, his wife Laura, daughter Lauren, and actor Patrick Dempsey formed Vision Racing in 2007 with a three-car operation.
He resigned from the board of directors at Indianapolis Motor Speedway and Hulman and Company -- his family-owned business earlier this month -- and also left his position as CEO of the Indy Racing League last June.
His stepson, Ed Carpenter, is Vision Racing's primary driver.
Ryan Hunter-Reay also drove for Vision in 2009, but recently moved over to Andretti Autosport and will drive a limited schedule this season.