Team owner Craig Gore has announced that the WPS/WOW Racing team has withdrawn from the 2008 V8 Supercar Championship season.

Gore admitted that his increasing commitment to the growth of his businesses, especially the financial services group Wright Patton Shakespeare, as well as his own health had been behind the decision, with an inner-ear injury sustained while flying his helicopter back in October meaning he had been told by doctors to avoid the constant loud noise found at environments like a race track.

The 41-year-old revealed the teams two licences have been sold to undisclosed parties ahead of the opening round of the new campaign. The team's cars are equipment will be sold off separately.

"It's been an exciting journey and I would like to think that we did it our own way at WPS Racing over the past four seasons," he said. "Operating a successful team in this sport is an enormous challenge. When we started this team back in 2004 I underestimated the time required to run a team that could win races on a consistent basis.

"With my business interests absorbing more and more of my time and my doctor continually in my one good ear telling me how important it is to look after myself, I just cannot dedicate the time and effort required to mould our operation into a race-winning V8 Supercar team. It is my belief that if you are not in this game to win races, then you shouldn't be around.

"I am proud of what we achieved in a short amount of time and believe there have only been a couple of other organisations who have managed to build their brand as successfully as we have through our V8 Supercar involvement. I was also pleased that we could give so many young drivers a chance to experience what it is like to drive a V8 Supercar.

"Both our drivers - Max Wilson and Jason Bargwanna - are contracted, but the terms and conditions of those agreements are confidential and will be worked through accordingly."

Gore admitted that he had planned to make the decision earlier, but ongoing discussions about the sale of the team's licences had forced a delay.

"Negotiations dragged out longer than I wanted," he said, "hence the late announcement of our withdrawal."