Chip Ganassi Racing has completed the sale of its NASCAR operation to Trackhouse Racing.

The famed CGR squad, which will continue to compete in IndyCar, IMSA and Extreme E, will hand over its assets following the 2021 NASCAR finale at Phoenix Raceway on November 7.

Trackhouse Racing meanwhile will expand to a two-car Cup Series team, with its existing driver Daniel Suarez confirmed to drive the #99 again next year.

What the news means for CGR’s current drivers Kurt Busch and Ross Chastain is not yet clear.

CGR boss Chip Ganassi revealed he’d actually not been actively looking to sell.

“I think this is a great day for NASCAR as it seems like there are so many people that are wanting to get into the sport as owners – Michael Jordan, Pitbull, Denny [Hamlin] and plenty of others,” he said.

“They are bringing new perspective, vision and insight which is great for the sport.

“NASCAR has been building momentum over the last few years and I am confident that it will continue to do so.

“Also, I can honestly say that my NASCAR team was not for sale.

“Justin [Marks, Trackhouse Entertainment Group founder] simply came to me with a great offer and an even better vision.

“As everyone knows, I care deeply for my employees so selling to someone like Justin, who is part of the CGR family, made the reality of selling much easier.

“He knows our organisation and the people. That gives me comfort.

“Everyone needs to know that I am still completely dedicated to the motorsports industry and will continue to run my other teams in IndyCar, IMSA and Extreme E with the same enthusiasm that I always have.”

Marks hailed the transaction a “landmark moment” for his team, which was established last year and is co-owned by world-famous rapper Pitbull.

“It is humbling to know we have secured our position in NASCAR for the next decade,” said Marks.

“These are never decisions made without a lot of thorough consideration and deep reflection by both parties.

“This process took several weeks and I want to thank Chip for being so open and candid with me every step of the journey.

“Chip has built an iconic motorsports empire and the Ganassi brand is globally recognised as a winner in the auto racing industry. It is truly an honour that we can build from that foundation.

“This acquisition provides Trackhouse a platform for years to come, enabling us to field multiple teams, elevate our on-track performance, deliver great value for our sponsors and partners, build lasting community impact programs and continue to grow our brand beyond the sports conversation.”

The 2021 NASCAR Cup Series resumes this weekend at Road America.

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