Michael Waltrip Racing to compete part-time in 2016 NASCAR Cup

The announcement comes after it was revealed last month that co-owner Rob Kauffman would purchase a stake in rival outfit Chip Ganassi Racing.

"MWR will race hard and compete for the remainder of the 2015 season," said Kauffman.

"This decision was made after weighing several different options and scenarios."

MWR was founded by double Daytona 500 winner Michael Waltrip and has claimed seven victories in NASCAR's top division since 2009, most recently with Martin Truex Jr and Brian Vickers in 2013.

The decision to no longer field a full-time entry means that the team has agreed to part company with its lead driver Clint Bowyer at the end of the season.

Bowyer has been with MWR since 2012, when he finished second in the final standings.

He currently holds the last of the 16 spots for this year's Chase, with 23 points in hand over Aric Almirola.

"I want to thank Michael, Rob and everyone at Michael Waltrip Racing that made these past four years special," said Bowyer.

"After extensive discussions with Rob and MWR, we came to the point that we mutually agreed our paths in the future just didn't align but we all agreed on the next steps in a very professional manner.

"I am looking forward to what future opportunities may come but for now we have a championship to pursue in 2015 and we owe it to every one of our sponsors, partners, employees and fans to deliver on and off the track."

Waltrip added: "Rob joined MWR in 2007 and has helped give us the resources to build a competitive race team, and in 2012, Clint took us to the doorstep of a championship.

"From where MWR started behind my house in Sherrill's Ford to winning Sprint Cup races, poles and earning Chase berths, I am proud of what we accomplished.

"My family has been a part of NASCAR for almost five decades and I plan on being a part of it for years to come."