By alley - Feb 18, 2016, 2:25 PM ET

INDYCAR: Chaves vows to rebound after losing BHA seat

Gabby Chaves finds himself out of a ride with just 24 days until the IndyCar season opens in St. Petersburg.

The Colombian-American, 22, earned praise for his consistency as the driver of Bryan Herta Autosport's No. 98 entry, yet with the financial turmoil facing the team, and its

new merger with Andretti Autosport

, the 2015 Rookie of the Year's place in the No. 98 has been taken by another driver who is expected to bring a higher level of funding.

"I've had nothing but good experiences with Bryan [Herta] and BHA, and it's an unfortunate situation," the 2014 Indy Lights champion told RACER.

It's believed a sponsor tied to the team defaulted on its payment, leading to a significant shortfall in cash flow. With a significant piece of the team's budget missing, retaining Chaves, who brought a one-time $750,000 graduation prize from the Indy Lights series in 2015, became impossible as the new season beckons.

"I'll be looking for a car to get in for the Indy 500, and working with Bryan to look at any opportunities we can make to keep working together," Chaves continued.

"I'm not down, I'm fighter, this is what I do, and I'm determined to come back. I'm going to do everything I can to be in the 100th Indy 500."

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