One of the longest serving sponsorships in IndyCar history will come to an end later this year when Target severs ties with the Chip Ganassi squad.

Target commenced backing of Ganassi’s team in 1990 but will withdraw its funding at the end of this season which sees defending champion Scott Dixon carry the widely recognised ‘bolt’ and ‘bulls-eye’ livery.

The department chain, however, will continue its backing in NASCAR beyond this year.

According to the Ganassi team, the development has not affected its plans to continue with its four-car IndyCar program in 2017.

The withdrawal of a blue chip sponsor from IndyCar ends an association which helped grow the Ganassi legend in the North American single-seater series.

“It’s the greatest sponsor in racing, ever,” team owner Chip Ganassi said.

“They’ve been nothing but good to me. They developed me personally and professionally. I’ve developed lifelong friends and relationships.

“I understand things change and people have different marketing efforts, and the way they want to stamp their name on things.

“But it’s one of the longest running sponsors in racing and they delivered for me and the team, and the team delivered for them.”

IndyCar chief executive Mark Miles complimented Target for its enduring association and investment in the series.

“IndyCar would like to thank Target for its exceptional commitment to open-wheel racing and to Chip Ganassi Racing for its stewardship of the partnership for the past 27 years,” Miles said.

“The Target brand will always be an integral part of our sport’s history as the number of race victories, championships and Indianapolis 500 wins that occurred in the iconic red livery were unprecedented.

“We’re confident that the #9 (Scott Dixon) will have new colours to carry in the near future as the team continues its success in the Verizon IndyCar Series.”