KV Racing Technology co-owners Kevin Kalkhoven and Jimmy Vasser have confirmed that the team has closed and will now support Juncos Racing's bid to move into the Verizon IndyCar Series in the near future.
The roots of KV Racing can be traced back to 2003 when it operated as PK Racing in ChampCar, and it once enjoyed a three-car effort in IndyCar from 2010 to 2012.
KV Racing only entered one full-season car in IndyCar last year, linking up with Sebastien Bourdais late in the off-season, but following the Frenchman's move to Dale Coyne Racing for 2017, the team has been struggling to secure enough backing to race this year.
On Thursday, Kalkhoven and Vasser issued a statement thanking fans for their support and confirming the closure of the team, with its equipment being sold to Juncos Racing ahead of its planned move into IndyCar in the near future.
"I want to thank all those who have written to express their appreciation of the efforts of KV Racing Technology during the last 14 years," Kalkoven said. "However as I approach 73, I feel I can no longer give the team the effort and support it and the team members deserve.
“I have really enjoyed my time in the series, helping with reunification and of course winning the greatest spectacle in racing: the Indianapolis 500.
“It is my firm belief that the series is on a major upswing under the leadership of Mark Miles and Jay Frye and has a bright future. I remain committed to help in any way I can, particularly in encouraging new owners and sponsors. In particular Ricardo Juncos, to whom we will be offering our support.
“To all the fans who follow the series, and cheered for KVRT, my heartfelt thanks and please spread the good word about the fantastic sport we have."
Vasser added: “First and foremost I want to thank all the fans who have supported the team over the years. I also want to thank Kevin Kalkhoven for giving me the special and unique opportunity to transition from a driver to a team owner while I was still driving.
“I am very proud to have been a part of this team and I will always cherish all the great people and drivers we worked side-by-side with to achieve our successes.
“It has been a journey of many ups and downs, but I will always remember winning the 2013 Indy 500. IndyCar racing has been a part of my life for 25 years, it is in my soul and it will be interesting to see where it takes me from here."
