July 1, 2008

CHARLOTTE, N.C.(AP) -- Co-owner Chip Ganassi has ceased operation of Dario Franchitti's race team because of a lack of sponsorship.

The 2007 Indy 500 winner and IRL Series champion, who drives Ganassi's No. 40 Dodge, has struggled in his first NASCAR season.

Longtime sponsor Coors Light left at the end of last season, and Ganassi was unable to secure funding for Franchitti.

"If I keep going I run the risk of dragging the other two teams down. I don't want to do that," Ganassi told the Associated Press. "There's no money. It makes no sense to be running this out of my pocket. I had to put a stop to it."