Foggy Racing was sidelined from the 2007 world championship after failing to find a replacement for Petronas, which left at the end of 2006 following a five-year association in which the FP1 Superbike was developed and raced against the established manufacturers.
Fogarty then revealed plans for a return in 2008, as the factory team of legendary Italian marque MV Agusta no less - but this much-anticipated partnership will not happen, after the search for sponsors to back the project again proved fruitless, and the team will now be sold.
"Everyone knows that this is a difficult time for motorcycle sponsorship," began the Briton. "However, we hoped that the combination of my team with an iconic brand such as MV Agusta would have been an attractive proposition for potential sponsors both in the UK and abroad.
"Regrettably, despite the enormous excitement generated amongst motorcycle fans, this has not proved to be the case, leading us to the conclusion that the market will not support a professionally-run outfit of our size without significant financial input from a manufacturer. So I have decided to bring this chapter of my career to an end by putting our state-of-the-art facility at Burton, our race trailer and hospitality unit up for sale.
"I would like to thank all those who supported our efforts during the Foggy Petronas Racing project and I hope that the tide turns in favour of the efforts of privately funded teams.
"On a personal front I am now focusing on a number of new opportunities, both inside and outside the motorcycle industry," Carl concluded.
Foggy Petronas and its underpowered 900cc FP1 motorcycle took two pole positions and two podiums during a four-year WSBK career from 2003-2006. 2002 was spent setting up the team and developing the motorcycle away from the racetrack.
Troy Corser, James Haydon, Garry McCoy, Steve Martin, Chris Walker and Craig Jones were among the riders that represented Foggy Racing.