By Michael Spencer

DENVER (CBS4)– Denver-based Furniture Row Racing announced on Tuesday it will cease operations following the 2018 season.

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“I’ve always felt that we could be a competitive team and run for a championship even when it seemed like a pipe dream to many racing insiders,” said team owner Barney Visser via a statement released Tuesday afternoon.

Martin Truex Jr. stands on the grid during qualifying. ( credit – Chris Graythen/Getty Images)

“But to be successful in any business you need to assemble the right people and make a strong commitment to succeed. We achieved what we set out to do and felt like we climbed Mount Everest. To continue with anything less than a competitive team would not be acceptable. It’s been one incredible ride,” the statement continued.

Martin Truex, Jr. of Furniture Row Racing at the 2018 Daytona 500. (credit: NASCAR)

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Driver Martin Truex Jr. is Furniture Row Racing’s lone driver in the Monster Energy NASCAR Cup Series. Truex Jr. and Furniture Row Racing won the 2017 Monster Energy NASCAR Cup Series championship. With Tuesday’s announcement Truex Jr. will find a new team to race for in 2019.

Truex Jr. is currently 3rd in the NASCAR driver standings and is also 3rd in the playoff standings.

Monster Energy NASCAR Cup Series Champion Martin Truex Jr. speaks on stage during the Monster Energy NASCAR Cup Series awards at Wynn Las Vegas on Nov. 30, 2017 in Las Vegas. (credit: Jonathan Ferrey/Getty Images)

The Monster Energy NASCAR Cup series will race at Indianapolis Motor Speedway this Sunday.

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Michael Spencer is a Sports Anchor at CBS4. Read his bio or connect with him on Twitter @MichaelCBS4.