Concord, NC -- (Sports Network) - Dario Franchitti and his No.40 Chip Ganassi Racing Dodge will not compete in the Sprint Cup Series, due to lack of sponsorship, the team announced on Tuesday.

Franchitti was 41st in points without a top-10 in 10 starts. His best finish was a 22nd-place result at Martinsville in March. The Edinburgh, Scotland native, married to Ashley Judd and now living in Nashville, TN, was the 2007 IndyCar Series champion and Indianapolis 500 winner.

"This is a difficult decision for Felix and I that did not come without its share of anguish," said Ganassi in the team's release. "In this tough business environment continuing to run the car without proper funding has become increasingly difficult."

Ganassi has two other cars which will still compete in Sprint Cup racing - the No.41 with driver Reed Sorenson and the No.42 Dodge with Juan Pablo Montoya behind the wheel.

Ganassi hopes Franchitti will continue to drive in the Nationwide Series until financing can be found for the "Cup" team.