Tennessee-based Dollar General is leaving Joe Gibbs Racing and NASCAR altogether after this season.
The decision by Dollar General to pull out of the sport was first reported Monday by The Sports Business Daily.
In a statement provided to FOXSports.com, the retail chain confirmed it would not return to Matt Kenseth and the No. 20 JGR Toyota, where this year it is the car's primary sponsor for 30 races.
"Dollar General has had tremendous success with NASCAR and our sponsorship of Joe Gibbs Racing," the statement read. "We have enjoyed a great partnership with Joe Gibbs Racing and we are excited to see what the No. 20 Dollar General car driven by Matt Kenseth will accomplish during the remainder of 2016 NASCAR Sprint Cup season. Our strategy to reallocate our future marketing assets into new programs is strictly a business decision to align our priorities to better serve our customer in this rapidly changing retail environment."
A Dollar General spokesman confirmed to FOXSports.com that the retailer is leaving the sport entirely and will not switch to another team or car.
A representative from Joe Gibbs Racing declined comment, referring questions to Dollar General.
The departure of Dollar General, leaves JGR hunting for a replacement for Kenseth's car next year, when the familiar yellow paint scheme will be history.
According to the SBD report, the estimated value of the Dollar General sponsorship is around $20 million annually.
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