Theys confirms retirement from racing

The 52-year-old Belgian said that he had hoped to make this his farewell year, but that the worldwide downturn meant he had to bring his retirement plans forward.

"I was planning on retiring in 2009 anyway, but I was hoping to do it at the end of the season, not in March," said Theys.

"Unfortunately due to the downturn in the global economy we weren't able to put together a programme for 2009."

Theys won the Daytona 24 Hours in 1998 and 2002, as well the 1998 Sebring 12 Hours and the 2002 Grand Am title. He was also a Le Mans regular from 1982 to 2002, taking pole for the 1996 race in the Joest Porsche WSC95.

He spent last season driving long-time sponsor and teammate Fredy Lienhard's Horag Porsche LMP2 car in the Le Mans Series, taking fourth in the class championship.

Prior to his sportscar career, Theys won Formula Ford, Super Vee and Indy Lights titles, and was also a Champ Car regular in the late 1980s and early 1990s, taking a podium in Miami with Dick Simon Racing in 1988.