Bob Stallings has shuttered his GAINSCO-sponsored racing team. Veteran driver Jon Fogarty, along with the rest of Stallings’ Pirelli World Challenge series outfit, will search for new opportunities in the sport after the decision was made to transition the GAINSCO insurance company from running a team of its own to becoming a sponsor in 2018.

“I am very excited about the potential to continue the heritage of the GAINSCO/Bob Stallings Racing program,” Stallings said. “It’s hard not to be humbled by the opportunity to work with so many championship drivers and crew members on this epic journey we have all been part of. Many special relationships have come out the GAINSCO program. Terry Wilbert, our Team Manager of 12 years, Kyle Brannan and John Ward, two of the best racing engineers in the business, and all the team members who made our racing so fun and successful will be friends forever.”

Upon its entry to the Grand-Am Rolex Series in 2005, Stallings’ team quickly became a powerhouse within the Daytona Prototype ranks. Drivers Alex Gurney and Jon Fogarty, along with co-drivers Jimmie Johnson, Jimmie Vasser, Memo Gidley, Darren Law, and others, delivered dozens of wins, poles, and a pair of DP championships while representing GM.

A brief hiatus after IMSA’s 2014 debut at Daytona, where the No. 99 Corvette DP was destroyed in a frightening crash, saw the team return in PWC with Hyundai, and moves to McLaren and Porsche in the GT category followed. Although success was more fleeting in GT3-based competition, Stallings is left with warm memories of all his team accomplished with its allies.

“In addition, Jim Lutz and Mark Kent of GM Racing who were so supportive of our championship run in the Rolex Series and Nick Lester of Porsche Motorsports North America have been invaluable friends and partners of our team for many years and hopefully in the years to come,” he added.

“And last, but certainly not least, Jon Fogarty and Alex Gurney. One of the most accomplished All-American Sports Car driving team seen in racing. Fast, smart, unselfish and both champions, Jon and Alex were the magic sauce that made the team so special. They both are like sons to me and I cherish our special personal friendships.”

The search for a new team to carry the brand’s “Red Dragon” livery is currently under way.