Stewart-Haas Racing, the NASCAR team co-owned by Tony Stewart and Gene Haas, will cease operations in the Cup and Xfinity Series after the 2024 season, the owners announced Tuesday.

The decision brings an end to SHR’s 16-year run in NASCAR that has produced two Cup Series championships, over 100 race wins across all three national touring series, and success in the sport’s biggest events like the Daytona 500 and Brickyard 400.

“It is a decision that did not come easily, nor was it made quickly,” Stewart and Haas said in a statement. “Racing is a labor-intensive, humbling sport. It requires unwavering commitment and vast resources…we’ve reached a point in our respective personal and business lives where it’s time to pass the torch.”

Stewart, a NASCAR Hall of Famer and three-time Cup champion, joined Haas as a co-owner in 2009 after retiring as a driver from Joe Gibbs Racing. He delivered SHR’s first Cup win that season and the team’s first title in 2011. Kevin Harvick added a second championship in 2014.

But with Stewart now racing full-time in NHRA and Haas primarily focused on his Formula 1 team, the commitment required to remain competitive in NASCAR became too great for the absentee owners.

SHR currently fields four Cup cars for drivers Josh Berry, Chase Briscoe, Noah Gragson and Ryan Preece. On the Xfinity side, Cole Custer and Riley Herbst drive for the team.

The closing impacts over 500 employees, whom Stewart and Haas said they will work to assist in finding new opportunities after 2024.

“We’re proud of all the wins and championships we’ve earned…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,” the owners stated.

SHR’s plans beyond the 2024 season, including the future of its Kannapolis race shop that houses part of Haas’s F1 operations, remain unclear. But one of NASCAR’s most successful modern organizations will be no more after this year.