By Brian Bielanski, Editor

(RacingWire) - Newman/Haas Racing, one of American open wheel racing's most successful teams, is shutting down.

The news was released in a statement from the team Thursday afternoon.

"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.

The Lincolnshire, Ill. based team was formed in 1983 as a partnership between Haas and actor/racecar driver Paul Newman.

The team scored eight championships, more than 100 open wheel wins and poles in CART, IndyCar, and Champ Car series competition.

NHR's roster of drivers included some amazing talent.  Mario and Michael Andretti, Nigel Mansell, Paul Tracy, Christiano da Matta and Sebatian Bourdais are among the driver's who have strapped into NHR cars.