Stewart-Haas Racing, which has two Cup Series titles and 69 race wins since the longtime NASCAR star came aboard in 2009, had been the subject of speculation regarding its uncertain future.

SHR's four charters, effectively NASCAR’s version of franchise licenses, are to be sold off over the coming weeks and months.

Co-owners Tony Stewart and Gene Haas announced the decision Tuesday after nearly a year of rumors that their four-car Cup Series team was looking to sell its charters and either scale back or exit the stock car series completely.