NASCAR analyst predicts major shakeup in free agency following Tony Stewart-led SHR closure

One of the premier racing teams in NASCAR, Stewart-Haas Racing, declared that they would shut down their operation by the end of the 2024 Cup Series season. The Tony Stewart-led SHR's closure announcement put an end to the year-long rumors and speculations of the future of their four-car Cup charters.

The three-time Cup Series champion Stewart, and Haas Automation founder Gene Haas, in a joint statement, announced (via NASCAR on FOX):

"We have made the difficult decision to close Stewart-Haas Racing at the conclusion of the 2024 season. It is a decision that did not come easily, nor was it made quickly,"

Following the announcement by SHR's co-owners, a NASCAR analyst on Queen City News predicted that the industry would witness a cascade effect and there would be repercussions after this major shakeup in the free agency of NASCAR. He said:

"This is one of the biggest teams in NASCAR shutting down after a decade-plus of dominance in the sport having Kevin Harvick doing all that stuff and having a rich history of winners, especially with Tony Stewart at the helm to shut down this is one of the biggest moves in free agency history in NASCAR." [11:20]

"The repercussions from this in the next 5 years, the Dominoes that will fall because of this...are going to be unheard." the analyst added.

Since 2009, the SHR team has claimed a total of 69 wins in the Cup Series. They also have two championships in the Cup Series, coming by the hands of Tony Stewart in 2011 as an owner/driver and by NASCAR veteran Kevin Harvick in 2014.

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A look into some of the reasons behind the closing of Tony Stewart-led SHR

Since the introduction of Next-Gen cars, Stewart-Haas Racing has been struggling in recent years as compared to other esteemed NASCAR organizations.

In the joint announcement, the co-owner of SHR also stated:

"Racing is a labor-intensive, humbling sport. It requires unwavering commitment and vast resources, with a 365-day mindset to be better than everyone else...we've reached a point in our respective personal and business lives where it's time to pass the torch."

Moreover, Tony Stewart's team has lost two major sponsors, Anheuser-Busch and Smithfield before the current season. It is also reported that Ford and SHR would part ways by the end of the 2024 season.

Meanwhile, the co-owners, Tony Stewart and Gene Haas, have appeared to be focusing on other business ventures in recent years. Stewart has started an NHRA drag racing team and would also compete in the Top Fuel for the 2024 season in NHRA drag racing. On the other hand, Haas has invested in an F1 team, called Haas F1 team, which fields Kevin Magnussen and Nico Hulkenberg.