Monday, Penske Racing officials made an announcement explaining the team would part ways with driver Ryan Newman following the 2008 season.

Newman, the defending Daytona 500 champion, has been with the Penske organization for nine years, including his time in the ARCA series. Together, the partnership has resulted in thirteen Cup Series wins, 63 top-5's, 105 top-10's and 43 pole positions.

"We want to thank Ryan for his hard work and contributions to Penske Racing over the past nine years," team owner Roger Penske said in a statement. "We wish Ryan all the best for the future and we'll continue to focus our efforts on making the Chase with Ryan and the Alltel Dodge team this season."

Since winning the season's opening race in Daytona, the No. 12 team has struggled to remain competitive. Newman currently sits sixteenth in the series standings and is a very long-shot to make the Chase. Earlier in the year, Newman - who is in the final year of his contract with the team - expressed his frustrations and explained he would look elsewhere if the team's performance did not improve.

With his name being thrown around this silly season, team officials and the 31-year-old driver agreed it was time to move on. "I appreciate Penske Racing and all they have done for me, but more importantly, I appreciate their friendship and what they have done for my career," Newman explained. "I would also like to thank all of the sponsors, especially Alltel, who have supported me."

There has been no announcement made as of yet as to who will replace Newman in the No. 12 nor where Newman will drive in 2009. Many throughout the garage have the Indiana-native linked to the newly formed Stewart Haas Racing. For more information surrounding this announcement, stay up-to-date with HardcoreRaceFans.com.