Josef Newgarden has been confirmed as one of the two drivers for the new CFH Racing team next season, it was announced at Sonoma on Sunday morning.

CFH Racing is being formed by the merger of Newgarden's current race team Sarah Fisher Hartman Racing with Ed Carpenter Racing, another single-car race team in the Verizon IndyCar Series championship.

Newgarden joined SFHR for his rookie season in 2012 and has gone from strength to strength with the team, but had been in his final year of his contract with the team in 2014. He has already clinched two second-place finishes, and today starts the GoPro Grand Prix of Sonoma in second place on the front row alongside pole winner Will Power.

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"I'm really excited about the merger between Sarah Fisher Hartman Racing and Ed Carpenter Racing," Newgarden said. "I decided to stay here because I believe in our group and everything that we've built and where we are going.

"It's a very strong situation that's on the rise, and I think next year is the year to capitalise on it," he said, after signing the one-year deal that also carries an option for a second year.

"Over the last three years, we have focused to build our team with Josef front and centre, and we are extremely excited to continue that progress into 2015," said Sarah Fisher, who co-owns SFHR with businessman Wink Hartman. "I know how much effort Josef and our team put toward being the best and am looking forward to delivering even more tools for them to work with at CFH Racing next year."

"Sarah and I have the best of both worlds," said Hartman. "Josef will be in the seat of the #67 car next year as we are now a two-car team. Continuing with Josef gives me great pride. He is the next star of the Verizon IndyCar Series."

"Wink and Sarah extending an offer to keep me around for another year is first and foremost," said Newgarden when asked why he had decided to sign an extension to his existing contract. "They are the ones who gave me an opportunity to start my IndyCar career, and I'm happy to continue that with them for another year."

Owner-driver Ed Carpenter, who will join Fisher and Hartman as one of the co-owners of the merged CFH Racing team when it is formed over the off-season, said that he was delighted that Newgarden would be staying with the new squad.

"I am very happy that Josef has signed with CFH Racing," Carpenter said. "I think he has shown great potential, and it is my hope that CFH Racing will help him fully reach his potential and that we can win many races together.

"I have seen Josef mature a lot over the past few years, and I really look forward to working with him and continuing his development," he added. "I see him as one of the premier talents in this series for the future, and we are very proud to have him on our team."

Newgarden was equally delighted to know that he would have Carpenter as both a boss and as a likely team mate for oval events in 2015.

"Ed has been one of the biggest guys who has helped me in my career so far in IndyCar," Newgarden said. "He was one of the first to stick his hand out and lend some advice.

"I really believe in Ed and his group and what they've done," the 23-year-old from Nashville, Tennessee added. "I think he will add many strengths to our unit and that we will be one strong entity for the whole 2015 season."

Further details on CFH Racing's multi-car operation, including manufacturer choice, logo, personnel and sponsors will be released in the near future.