By alley - Dec 5, 2016, 3:57 PM ET

NASCAR: HScott Motorsports will not race in 2017

HScott Motorsports, which fielded Sprint Cup cars with Clint Bowyer and Michael Annett in 2016, will not field a NASCAR entry in 2017.

"Over the past several months I considered a number of options for moving forward with the team," owner Harry Scott Jr. (pictured) announced in a team meeting. "Regrettably there are no viable sponsor/driver options immediately available to allow the team to participate in 2017.

"One thing I learned about NASCAR is that it is a 'people business.' I will forever be grateful to the men and women who worked tirelessly to make HScott Motorsports successful. This includes our dedicated employees, sponsors and partners. We were fortunate to have the support of world-class sponsors like Brandt, DC Solar, Fraternal Order of Eagles, Pilot Flying J, and 5-hour ENERGY. Our racing program would not have been possible without the assistance of Rick Hendrick, Hendrick Motorsports, and Chevrolet.

"I love this sport and being part of it. I invested in NASCAR because I truly believe it represents the best racing competition in the world and the best people in all sports. Looking back, I will always be especially proud of the unprecedented success of our NASCAR K&N Series teams, including four consecutive championships, and for the lifelong friendships that were forged over the last seven years. My hope is that we were able to develop drivers that will thrive at the highest levels for years to come.

"In a deal that was finalized late last week the No. 15 Charter, which was owned by HScott Motorsports, has been sold to Premium Motorsports. The charter that was leased for the No. 46 team was sold by Premium Motorsports to Furniture Row Racing."

The decision had been expected, as Bowyer had signed a one-year deal with the team before replacing Tony Stewart at Stewart-Haas Racing in 2017. The charter HScott had leased for the No. 46, driven by Annett, will help Furniture Row add the No. 77 car with Erik Jones behind the wheel. Annett will run full-time in the Xfinity Series

with JR Motorsports

Last week, Bowyer and the team

reached a settlement

in a lawsuit filed by Bowyer over what he claimed was more than $2 million he was owed for sponsorship commissions and other payments.

HScott has competed full-time in NASCAR's top level for three years, moving to the former TriStar Motorsports shop in Mooresville, North Carolina in the offseason. Harry Scott purchased the team, which began as Phoenix Racing in 1989, from owner James Finch in 2013. The team also operated four cars in the K&N Pro East Series.