Reigning IndyCar Series champion Dario Franchitti's move to NASCAR appears to have backfired slightly following the revelation that his place in Chip Ganassi's Sprint Cup squad has been lost to financial pressures.

The Scot made the move to stock cars after clinching the 2007 IndyCar title in a last-lap thriller with current points leader Scott Dixon, but has not enjoyed the best of luck since. Despite being given every advantage in starting with a crucial place in the top 35 in owners' points, Franchitti's results meant that he slipped out of the bracket, and he has since suffered a broken ankle that sidelined him for several races.

Now, Ganassi has announced that, with long-time partner Coors departing prior to Franchitti's arrival, the team does not have enough sponsorship to cover three cars, and would prefer to concentrate on more experienced drivers Juan Pablo Montoya and Reed Sorensen.

"There's no money," Ganassi told the American media, "It makes no sense to be running this out of my pocket. I had to put a stop to it. This is a difficult decision that did not come without its share of anguish. In this tough business environment, continuing to run the car without proper funding has become increasingly difficult. If I kept it going, I ran the risk of dragging the other two cars down and I don't want to do that."

The #40 team, which has run with a selection of minor backers displayed this season, has been completely shut down, at the cost of 71 jobs, but Ganassi is hopeful that Franchitti will continue to learn his NASCAR lines in the second-tier Nationwide Series. The Scot currently sits 41st in the Cup Series standings, but has failed to set the series alight and failed to qualify for races at the Texas oval and Infineon Raceway road course, the latter expected to be a strong suit for someone brought up on European racing.

Ironically, while Montoya and Sorensen also struggle, Dixon continues to lead the IndyCar Series for Ganassi's open-wheel operation, while his Grand-Am squad - with which Franchitti won the season-opening Daytona 24 Hours - continues to pace the sportscar series.