A year after winning the NASCAR Cup Series title, Furniture Row Racing will be shutting down after the 2018 season.
According to team owner Barney Visser, the organization doesn’t have the funding to continue operations.
Martin Truex Jr. drove the No. 78 Toyota in 2017, when he won the NASCAR’s Cup Series. The team also included the No. 77 Toyota driven by Erik Jones, who won the NASCAR Cup Series Rookie of the Year award.
Still, Furniture Row Racing faced financial issues when it lost primary sponsor 5-Hour Energy in July, which brought down it’s connection with Joe Gibbs Racing. It couldn’t find another sponsor to take 5-Hour Energy’s place.
“This is not good for anybody,” Visser said in a release. “The numbers just don’t add up. I would have to borrow money to continue as a competitive team, and I’m not going to do that. This was obviously a painful decision to arrive at knowing how it will affect a number of quality and talented people.
“We’ve been aggressively seeking sponsorship to replace 5-hour Energy and to offset the rising costs of continuing a team alliance with Joe Gibbs Racing but haven’t had any success. I feel that it’s only proper to make the decision at this time to allow all team members to start seeking employment for next year. I strongly believe that all of our people have enhanced their careers by working at Furniture Row Racing.”
Based in Denver, Furniture Row Racing was the only full-time Cup Series team located outside of North Carolina.
As recently as two weeks ago, the team expressed confidence that it would continue to operate and that Truex would be its top driver.