Michael Waltrip Racing will not run its cars on a full-time basis after this season.

The team has also granted Clint Bowyer his release so that Bowyer can look for a job for the 2016 season.

The decision announced Wednesday comes after co-owner Rob Kauffman purchased an ownership stake in Chip Ganassi Racing. Kauffman bought 50 percent of MWR during its debut 2007 season to keep the team afloat.

Founded by two-time Daytona 500 winner Waltrip, MWR entered Sprint Cup competition as Toyota's flagship team. The team has not recovered since it was severely sanctioned by NASCAR in 2013 for manipulating the outcome of the final race of the regular season.

The scandal led to the loss of a sponsorship and MWR released 15 percent of its workforce.

More From 1460 ESPN