Tony George's Indy-car team suspended operations today, due to a lack of sponsorship. This ends George's involvement in the IRL.

Last summer, George resigned his CEO position with the Indianapolis Motor Speedway. Just weeks ago, George also gave up his seat on the board.

Much like IMS, Vision racing was a family business. It was co-owned by George and his wife Laura, their son Ed Carpenter was a driver, and Carpenter's sister Lauren George wrote for the team's website.

Actor Patrick Dempsey also co-owned the team with the George family.

The team was established in 2005, purchased from Kelley Racing. Vision Racing operated on the northwest side with a staff of 16.

Driver Ed Carpenter said the staff was let go Thursday in what he called an emotional day.

"We're suspending operations, but I don't know fully what that means," Carpenter said. "We're still pursuing opportunities to resume operations."

ADDITIONAL INFO:

Vision Racing also made statements on twitter. Click here to read them and follow @visionracing.

Visit their website by clicking here.

Thursday afternoon, the Indy Racing League released the following statement regarding Vision Racing:

"We're disappointed to hear that Vision Racing has ceased racing operations. They've been a valued part of the series since their debut with Ed Carpenter in 2005, and we appreciate all they've done, especially with their fan initiatives last season.

The past year really demonstrated the progress the team has made on-track since its debut, with James Davison delivering the team's first win in Firestone Indy Lights and Ed putting on breathtaking show at Kentucky, battling Ryan Briscoe wheel-to-wheel in the closing laps and nearly walking away with his first win.

Hopefully they'll be able to retain their equipment should funding become available so they can reassemble the team and make a seamless return to the IZOD IndyCar Series full-time or as an Indy-only effort."

Brian Barnhart, president of competition and racing operations, Indy Racing League