LEXINGTON, N.C. – Longtime NASCAR team owner Bob Germain announced Monday night that he has sold his NASCAR Cup Series charter, with Germain Racing departing NASCAR at the end of the season.

The Germain Racing charter has been acquired by NBA legend Michael Jordan and three-time Daytona 500 winner Denny Hamlin, who are teaming up to launch a new, single-car Cup organization in 2021. Bubba Wallace is slated to drive for the new team.

Germain Racing will finish out the NASCAR Cup Series season, competing in the final seven races with driver Ty Dillon before closing operations and saying farewell.

At the top level of the sport, Germain Racing has made 418 NASCAR Cup Series starts since its debut with driver Max Papis in 2008. Though the team has never won a Cup race, it does have a pair of top-five finishes – one by Casey Mears and the other by Dillon.

Both drivers secured fourth-place runs in the Germain No. 13, doing so in the July race at Daytona (Fla.) Int’l Speedway in 2014 (Mears) and 2019 (Dillon), respectively.

Germain Racing also has 113 NASCAR Xfinity Series starts and 357 NASCAR Gander RV & Outdoors Truck Series starts to its credit, with the team’s greatest successes coming at the Truck Series level.

Largely led by veteran Todd Bodine, Germain Racing entries won 22 times in Truck Series competition and won championships in 2006 and 2010, both with Bodine at the wheel.

Bodine was the driver all but one of the team’s Truck Series victories.

In a statement Monday night, Germain called his ownership adventure over the past 16 years “a thrilling adventure” and noted he’ll miss being a part of the sport after this year.

“From winning two NASCAR Truck Series championships in 2006 and 2010 to competing at the highest level of (American) motorsports in the Cup Series for the last 12 seasons, I have experienced the highs and lows of our sport,” Germain said. “I’m extremely proud of what Germain Racing has accomplished at every level and I will be transitioning out of ownership with many memories and friendships. I appreciate the interest and offers made over the last couple of weeks and I am excited to see how the sport continues to grow in the future.

“Thank you to GEICO for their loyalty to Germain Racing for more than a decade. It has been a great source of pride for our team to represent their brand on the track,” Germain continued. “Doug Barnette with Player Management International has facilitated our GEICO relationship since the beginning, and I truly appreciate his efforts. Finally, to my employees: building a team camaraderie has been a highlight of this journey and I will miss each of you.”

Monday night’s news leaves Dillon searching for a ride to remain at the Cup Series level in 2021.