INDYCAR: Target out after 2016

One of the longest serving sponsors in IndyCar racing is on the way out, as Target – which has partnered with Chip Ganassi Racing since 1990 – will exit the series at the end of the season.

Confirmed by the team Wednesday morning, defending series champion Scott Dixon will complete the year in Target's famous red livery before bidding farewell to the department store as his primary sponsor. According to a Ganassi spokesperson, Target will remain with its NASCAR program going forward. The team also said it intends to remain with four Indy cars in 2017 as it searches for a new primary sponsor to replace Target on Dixon's No. 9 Chevy.

• MILLER: Ganassi & Target  – A partnership for the ages

"I can't thank Target enough for their partnership on and off the track over the years," Dixon said. "They have been with the IndyCar team for an amazing 27 years, which is unheard of in professional sports, and on the car I've driven for the past 15 seasons. I have nothing but great memories and much thanks for Target being great partners for so long. I'm looking forward to being in the 9 car for years to come and fighting for more wins and championships with Chip and the team."

Team owner Chip Ganassi added: "It's the greatest sponsor in racing, ever. They've been nothing but good to me. They developed me personally and professionally. I've developed lifelong friends and relationships. It is unfortunate they will be leaving the IndyCar Series but rest assured that the No. 9 Chevrolet and the reigning IndyCar Series Champion Scott Dixon will still be in the IndyCar Series next year and beyond, the car will just have different colors on it. We are working through some of those options now.

"Also, we are happy they will remain in the NASCAR Sprint Cup Series with Kyle Larson and the No. 42. I understand things change and people have different marketing efforts. It's one of the longest-running sponsors in racing and they delivered for me and the team, and the team delivered for them."

In a statement, Hulman & Co. CEO Mark Miles thanked Target "for its exceptional commitment to open-wheel racing and to Chip Ganassi Racing for its stewardship of the partnership for the past 27 years."

"The Target brand will always be an integral part of our sport’s history as the number of race victories, championships and Indianapolis 500 wins that occurred in the iconic red livery were unprecedented," the statement continued. "We’re confident that the No. 9 will have new colors to carry in the near future as the team continues its success in the Verizon IndyCar Series.”

The loss of a bedrock brand like Target is expected to have wider implications in the IndyCar paddock. Rumors of Target's departure began in April and have increased in recent weeks to the point where other teams have been forming plans on how to prevent it from spooking their sponsors. 

The longstanding tie between CGR and Target was bolstered by a close relationship between Ganassi and the company's former CEO, but with a change atop Target's management team in 2014, the first cracks in the IndyCar sponsorship program formed that season as Target reduced its commitment from two cars to a single entry for Dixon.

The retail giant entered IndyCar as the primary sponsor for the CGR entry driven by Eddie Cheever (pictured) during the team's formative years in CART and went on to sponsor its open-wheel programs in the Indy Racing League and its modern version, the Verizon IndyCar Series.

Under the Target Chip Ganassi Racing banner, its first championship was earned in 1996 with Jimmy Vasser, and subsequent titles with Alex Zanardi, Juan Montoya, Dixon, and Dario Franchitti were captured in the company's livery. 

Dixon's car has featured the return of Target's popular "bolt" livery this year, and starting this weekend at the Honda Indy 200 in Mid-Ohio, fans will have five races left to enjoy its presence.

Click on the thumbnails below for larger images.

{igallery id=1424|cid=540|pid=5|type=category|children=0|addlinks=0|tags=|limit=0}