In 2024, Chip Ganassi Racing ran five full-time cars led by Scott Dixon, Alex Palou, Marcus Armstrong, Kyffin Simpson, and Lundqvist.

A change to the IndyCar rules has effectively limited teams to three full-time entries that pay dividends for the leaders’ circle.

As a result, Chip Ganassi Racing downscaled and kept Dixon, Palou, and Simpson onboard.

Armstrong was sent to Meyer Shank Racing with most of his Chip Ganassi Racing crew in tow.

That left Lundqvist on the outer.

With confirmation of the final few IndyCar seats, Lundqvist joined a group of drivers including Romain Grosjean to miss out on full-time drives.

Taking to social media, Lundqvist said he had a multi-year contract with Chip Ganassi Racing but that was terminated earlier this year.

“I have had several people ask me if I was going to be in attendance at St. Petersburg this weekend for the first IndyCar race of the season. Yes, I will be there, although I wish under different circumstances, as I will not be in a race car,” the Swede wrote.

“It was just one year ago that I began my journey with Chip Ganassi Racing (CGR) and The American Legion under a multi-year agreement; a journey that was supposed to be the first of many successful years together.

“I couldn’t have been more excited to have been given the opportunity to drive for such a legendary team alongside of Scott and Alex!

“I was very proud of our first season together, highlighted by a Pole Award at Road America, podium finishes at Barber and St. Louis, and a Rookie of the Year Award at year’s end.

“I certainly enjoyed working with Chip, Mike Hull, and the very talented CGR team members — a dream come true!

“Very unfortunately, however, I was officially notified by the Team just this past January that my contract with CGR was being terminated. While hugely disappointed, I do wish CGR and its members well going forward.”

Lundqivst teased the possibility of returning to Chip Ganassi Racing but said he would be exploring other racing opportunities.

The 25-year-old said his ambition is to remain in the IndyCar series.

“I am hopeful that, through the provisions in my CGR agreement, we will be able to reach a resolution that would place me back in a competitive seat,” he added.

“In the meantime, I will continue to pursue other racing options, preferably in INDYCAR where I hope to continue my career and build on my open-wheel successes to date.

“Many thanks for the countless best wishes and words of support that I have received, especially from The American Legion family. I am grateful for these and will look forward to getting back on the track soon.”

2025 update pic.twitter.com/uxFs4RMcJC

— Linus Lundqvist (@L_Lundqvist76) February 26, 2025

Fresh off winning the Indy NXT feeder series, Lundqvist was a standout performer in his rookie IndyCar season.

He finished on the podium in just his fourth race at Barber and claimed pole position at Road America. He finished the year 16th in the drivers’ standings.

The new IndyCar Series gets underway on the streets of St Petersburg on March 1-3 (AEDT).