Michael Shank has sold his IndyCar to Schmidt Peterson Motorsports, officially ending his bid to run a full-time program in the series.
Shank is still trying to field a car for the Indianapolis 500 and is talking with existing teams about a potential partnership for the May race.
Shank spent $1 million on a Dallara DW12 in anticipation of fielding an IndyCar team last year. But a shortage of engines and difficulty in putting together a sponsorship package kept Shank on the sidelines.
He was able to put together a deal with driver Jay Howard for the Indy 500, but could not secure an engine from one of the three manufacturers.
Schmidt needed the DW12 chassis for Indy Lights champion Tristian Vautier to use in his move to IndyCar.