Reigning IndyCar champion Dario Franchitti has lost his Nascar drive after owner Chip Ganassi closed the Scot's No 40 team.

The 35-year-old has struggled in his first year since switching to Nascar and Ganassi said he could not justify going on without new sponsorship.

"There's no money. It makes no sense to be running this out of my pocket. I had to put a stop to it," stated Ganassi.

Franchitti was 41st overall with his team - part of Chip Ganassi Racing.

Ganassi will continue to run two other cars in the stock-car racing series, with former Formula One star Juan Pablo Montoya currently 20th in the standings, while Reed Sorenson is 31st.

Long-time team sponsor Coors Light left at the end of last season and Ganassi was unable to secure fresh funding for Franchitti to drive the No 40 Dodge Avenger.

Thats Crap. Franchitti is an awesome driver, ok not necessarilly in Nascar, but hes flying the flag for Britain. Whilst everyone aims for F1, hes gone and done his own thing, out of the limelight, and he should be commended and celebrated !!!