James Hinchcliffe drove for Newman/Haas in 2011 (Photo Credit: Richard Dowdy)

James Hinchcliffe drove for Newman/Haas in 2011 (Photo Credit: Richard Dowdy)

Renowned American open wheel team Newman/Haas Racing has announced it will not enter the 2012 series, team co-owner Carl Haas commenting “the economic climate no longer enables Newman/Haas Racing to participate in open wheel racing at this time.”

Haas founded the team with the late Paul Newman, entering its first season in 1983. In 28 years the team took a driver to the title on eight occasions, including Nigel Mansell in 1993 and, from 2004, four consecutive Champ Car titles for Sebastien Bourdais, before the Frenchman moved to Scuderia Toro Rosso in Formula One.

The team was among the Champ Car outfit to join the Indycar Series when the series merged ahead of the 2008 season. Graham Rahal won in St. Petersburg – his first and the team's second race after the reunification – teammate Justin Wilson winning later the same season in Detroit – the team's last win to date.

Rahal continued at the team until the end of the 2010 season, alongside – variously – Oriol Servia, Robert Doornbos and Hideki Mutoh.

Servia and series rookie James Hinchcliffe drove for the team in 2011, finishing fourth in the teams' standings.