Cheever withdraws from series

The former Formula One driver had originally only intended to contest the rounds up to and including the Indianapolis 500.

In the event the team continued for another three races, but Cheever has now decided that he cannot proceed further unless more sponsorship is forthcoming.

"We will continue to look for partners to participate in the IndyCar Series," Cheever told speedtv.com. "I really want to thank the crew we had on board this year. We threw this team together at the last minute and we consistently had solid cars able to finish races."

Cheever Racing had scaled back to a one-car operation after long-time sponsor Red Bull pulled out of the IRL at the end of 2005. The team boss came out of semi-retirement to drive the car, having not raced IndyCars since 2002.

The squad's best result this year was a 10th place in the season opener at Homestead.

"We may have not had the best equipment, due to our limited budget, but we did the best with what we had," Cheever said. "I am sorry to see these guys go, and I hope that we can be reunited again in the future."

Rookie PJ Chesson, who split with Hemelgarn Racing after Indianapolis, had been openly chasing a Cheever drive in recent weeks.

Cheever Racing's Indy Pro Series and Grand-Am operations will continue. The American is also racing in the Grand Prix Masters series this season.