Panther DRR confirmed Wednesday that it will shut down after the Indianapolis 500 later this month.
The team has struggled to find enough sponsorship money. The team said Oriol Servia would drive the No. 22 in this weekend's Sao Paulo Indy 300 and the Indianapolis 500 on May 26, but there were no plans to race again this season.
The team said it would retain a core group of employees at the team's Carmel headquarters and map out options for 2014, when it plans to field at least one car in the Indy 500.
Servia joined the team prior to the 2012 season after Newman-Haas Racing closed because it lacked sponsors. The Spaniard and the team had high hopes for this year, particularly after Servia's sixth-place finish at Long Beach.