Telecommunications company Verizon will not renew its title sponsorship of the IndyCar Series upon the expiration of its current deal at the end of the 2018 season.

Verizon has been the leading partner for IndyCar since 2014, when it replaced Izod, and reportedly enjoys financial involvement totalling $10 million per year in the American single-seater championship.

In an interview with Sport Business Daily, IndyCar CEO Mark Miles confirmed Verizon would be departing at the conclusion of the 2018 season, having previously hinted it was likely to happen.

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"Verizon has been a super sponsor and will continue to be so through all of next season," Miles said.

"We appreciate that they reached their decision in a timely way so that we can thoughtfully and deliberately go back into the market for 2019."

Verizon is set to continue to be involved in IndyCar through its relationship with Team Penske, acting as the title sponsor for Will Power's #12 entry.