INDIANAPOLIS (AP) -- The IndyCar Series is losing one of its biggest team names.
Newman-Haas Racing, the team that carried the name of late actor Paul Newman, has decided not to enter cars for the 2012 season.
In a statement issued Thursday, team officials said the economic climate no longer enables the team to compete.
The team had competed in an open-wheel series every year since 1983, and had won eight championships, 107 races and 109 pole positions. Drivers for the team included some of the biggest in the sport: Mario and Michael Andretti, Nigel Mansell and Paul Tracy. This year, Oriol Servia finished fourth in the points for Newman-Haas and James Hinchcliffe was named the series' rookie of the year.