The veteran owner-driver has suspended operations at Cheever Racing due to a lack of funding.
Cheever, whose operation shrunk from a two car team to a one car team this season, had planned to run the first three races of the season in preparation for the Indianapolis 500. Cheever then elected to continue racing through the next four events before making the decision to cease operations prior to this weekend's race in Nashville.
Cheever's best result was 10th at the season opener in Homestead - the only top 10 result in seven races. However, he was involved in a controversial on-track incident at Watkins Glen involving rookie Marco Andretti.
"We may have not had the best equipment, due to our limited budget, but we did the best with what we had," said Cheever. "I am sorry to see these guys go, and I hope that we can be reunited again in the future."
"We will continue to look for partners to participate in the IndyCar Series."
The decision to suspend the IRL team will not affect Cheever's Grand Am or Indy Pro Series teams.
Cheever's team is the second to close up shop this season. Carmelo Hemelgarn Racing closed its door after the Indy 500, leaving just 18 cars on the grid. Ironcially, P.J. Chesson was hoping to latch on with Cheever's squad in the wake of Hemelgarn's decision to stop racing.
