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The news was delivered to the nearly 300 SHR employees late Tuesday afternoon.

SHR holds the 2025 option on Briscoe and he has not been permitted to discuss future employment options even as rumors have swirled that SHR would close.

The move will also shutter the SHR Xfinity Series team, whose two cars are driven by Cole Custer and Riley Herbst.

SHR didn’t win a Cup race last season.

The team also is set to lose some of its support from Ford at the end of the season, although Mark Rushbrook, the global director of Ford Performance, told The Associated Press last week he had no idea what SHR’s plans are beyond this year.