Sad news in the IndyCar Series as Paul Newman’s team which he co-owned with Carl Haas admits defeat in tough economic times. It will not compete in the 2012 IndyCar Series, bringing an end to big run of success in the sport.

The news broke last night as teams in the IndyCar Series prepared for the 2012 season and the launch of the new DW12 (named after late IndyCar racer Dan Wheldon) chassis. Newman/Haas racing is one of the most famous names in motorsports despite not competing in Formula 1. The team had won 105 races in IndyCar/ChampCar and eight championships.

Success began in 1983 when it was created by Carl Haas and Paul Newman. They joined forces with racing legend Mario Andretti. The combination took home the title in 1984. Since then the team has fielded such greats as Nigel Mansell, Sebastien Bourdias and even Australia’s former F1 World Champion Alan Jones.

Since Sebastien Bourdias left the team to go to Formula 1 following four straight titles, they have struggled to find success. While things looked up this year with Orial Servia finishing fourth overall for the team, the doors have still had to close for at least the 2012 season.