Schmidt takes over FAZZT team

FAZZT made an impressive debut in IndyCar last season, but has sold up after just one campaign. Schmidt's operation will retain FAZZT's employees, equipment and main sponsors as well as Tagliani.

An IndyCar racer until he was paralysed in a testing crash in 2000, Schmidt ran an IndyCar team in 2001 and '02 before focusing on Indy Lights, where he took Thiago Medeiros, Jay Howard, Alex Lloyd and JK Vernay to championship titles.

"This is a fantastic time for me, my family and everyone at Sam Schmidt Motorsports," said Schmidt.

"Though we competed in the IndyCar Series in 2001 and 2002, I can now admit we were naive in our understanding of what it took to be successful at the top level of open-wheel racing in the United States. Ten years later, I have a much better understanding of what it takes to go IndyCar racing.

"We have worked hard to accomplish what we have in the Firestone Indy Lights series and, most importantly, we have built a team around a group of great individuals. That, combined with the excellent talent base at FAZZT Racing, should create a powerful combination.

"This in no way will interrupt our plans to compete strongly for the Indy Lights championship, and we all look forward to the challenge of being equally as competitive in the IZOD IndyCar Series."

The FAZZT takeover will not affect Schmidt's existing plans to run Jay Howard at the Indianapolis 500 and Wade Cunningham at three other IndyCar oval events.

Schmidt has also signed Brazilian driver Victor Carbone for a full Indy Lights season and American Conor Daly for a partial programme alongside his GP3 commitments.