Originally written on Indy Racing Revolution  |  Last updated 10/8/14
Harsh economy claims one of open-wheel racing's greatest teams; Servia, Hinchcliffe now looking for new rides

The statement from team owner Carl Haas was as shocking as it was brief: "The economic climate no longer enables Newman/Haas Racing to participate in open wheel racing at this time."

And with that one sentence, one of racing's traditional powerhouses said its final goodbyes to the IZOD IndyCar Series. After 29 seasons of open-wheel competition, eight-time CART/Champ Car World Series champions Newman-Haas Racing is off the grid.

While their glory days with such illustrious names like Mario and Michael Andretti, Nigel Mansell and Sebastien Bourdais were in the past, the team still scrapped hard in their final years, and in their last full season in 2011, they performed admirably with its veteran driver, Oriol Servia, nabbing fourth place in the championship, and its rookie pilot, James Hinchcliffe, besting J.R. Hildebrand for the series' rookie of the year honors.

But their on-track performance was still not enough to save themselves from a continuously hellish economy for motorsports (and America, in general). Marshall Pruett of SPEEDTV.com reports that the team has released all its employees and will provide severance pay for them until December 31 -- at that point, they'll officially shut down.

Following the passing of team co-founder and actor Paul Newman in 2008, the team has had to race with reduced sponsorship in the last few seasons. One could argue that when Newman was no longer in the picture, it wasn't a matter of if, but when, NHR would be forced to go away as the economy went downhill.

But that's besides the point right now. One of IndyCar's longest-tenured squads won't be lining up with the rest in St. Petersburg next March and their fan-favorite tandem of drivers are now having to hunt for rides this winter.

Hopefully, the stellar efforts of Servia, Hinchcliffe and the rest of the NHR team members in 2011 will help them in their search for new employment. Meanwhile, an amazing legacy is being left behind by a team that has gone down in history as one of the best to get on the track.

In summary, a sad day for open-wheel racing. One can safely assume a longtime race fan is looking at his or her old Newman-Haas shirt right now, perhaps wondering why life and racing can change so quickly.

They can hardly be blamed for thinking that NHR would always be around.

Brandon Marshall taken to hospital following injury

DeMarco Murray's dirty text to ex-teammate's wife shared

Dodgers, Padres reportedly in trade talks for Matt Kemp

David Ortiz: I haven't spoken to A-Rod in almost one year

Ryan Leaf released from prison, looks shockingly different

Art Briles: It's un-American to keep TCU ahead of Baylor


Gronkowski not worried about 'Bieber Curse': 'On to San Diego'

Texans place Jadeveon Clowney on injured reserve list

Nebraska hires Mike Riley as new football coach

Michael Vick doesn’t view being benched as being benched

Report: Jay Gruden has issues with RG3 on and off field

Buster Olney will abstain from Hall of Fame voting

WATCH: Blimp crashes info fans at Blazers-Pacers game

WATCH: UCF beats ECU with game-ending Hail Mary

Cuba's new baseball revolution

Are the Dallas Mavericks title contenders?

Kobe Bryant, Rajon Rondo had breakfast together in Boston?

10 best available 2015 MLB non-tenders

10 candidates to replace Mike Riley at Oregon State

WATCH: Arian Foster speaks to media in British accent

Jim McElwain hired as Florida Gators football coach

NFL MVP Race: J.J. Watt or Aaron Rodgers?

WATCH: Ed Reed asks if hanging with Bieber could hurt Patriots

Ranking the NFL’s remaining nationally televised games

Entertainment News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.

Big Papi: I haven't spoken to A-Rod

Are the Mavs title contenders?

Gronk not worried about 'Bieber Curse'

10 best available MLB non-tenders

10 candidates to replace Mike Riley at Oregon State

Gruden has off-field issues with RG3?

NFL's top nationally televised games left

The great un-busting of Mark Sanchez

WATCH: One-handed boy golfs with Tiger

Mavs coach T'd up for Cuban?

Torii Hunter rips reporter at presser

Where will Harbaugh coach next?

Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.