Australian Supercars team 23Red Racing will close its doors after losing primary sponsor Milwaukee Tools Australia as a result of the COVID-19 pandemic.

“Over the years we have experienced an amazing journey with everyone involved,” said a statement issued by the team.

“But unfortunately we are faced with an unprecedented time, a time in which we now need to reassess our operational structure. As we do not foresee the ability to race again in 2020, we have brought forward our completion date and will be closing operations prior to June 2020.”

23Red fielded a single Ford Mustang Mk.6 for two-time Bathurst 1000 winner Will Davison, who drove it to a pair of podiums in Adelaide this year. He finished last year’s championship in eighth place.

“I’ve been in motorsport my entire working career and since the inception of 23Red Racing, I’ve been nothing short of committed to building a front-running team,” said team owner Phil Munday.

“The start to the 2020 season showed signs we were in contention of consistent podiums, the results any team owner would want. The uncertainty and unprecedented times have forced some tough decisions. It is deeply saddening to exit the sport earlier than planned, however we are certainly proud of our achievements.”

The team’s closure appears to leave Davison with few immediate options for a full-time seat elsewhere ahead of the series’ planned return to competition at Sydney Motorsports Park next month.