LINCOLNSHIRE, Ill. (December 1, 2011) --- Newman/Haas Racing announced today that it will not enter cars in the 2012 IndyCar Series.

"The economic climate no longer enables Newman/Haas Racing to participate in open wheel racing at this time," said Carl Haas, owner and co-founder of Newman/Haas Racing.

Newman/Haas Racing (NHR) was formed by actor/race car driver Paul Newman and racing entrepreneur Carl Haas and is one of the most successful open wheel racing teams today. The team participated in 29 consecutive seasons of competition from 1983-2011 and earned a total of eight championships, 107 race wins and 109 pole positions with drivers such as Mario and Michael Andretti, Nigel Mansell, Paul Tracy, Christian Fittipaldi, Cristiano da Matta, Sebastien Bourdais, Bruno Junqueira, Oriol Servia, Graham Rahal, Justin Wilson, James Hinchcliffe and more. The team finished fourth in the 2011 IZOD IndyCar Series with Oriol Servia and earned the Sunoco Rookie of the Year award with James Hinchcliffe.