Joliet, IL (My Sportsbook) - Two-time NASCAR Cup champion Tony Stewart announced he'll merge with Haas CNC Racing in 2009 to serve as both driver and owner of the newly-formed Stewart-Haas Racing.

Stewart, who will acquire a 50 percent share of the team, and Haas CNC general manager Joe Custer made the announcement Thursday at the Chicagoland Speedway.

"Obviously, this is a huge day for me," Stewart said. "This is a huge turning point in my career. I'm very proud to be here and announce that myself and Joe Custer with the Haas CNC team have merged and now have formed Stewart-Haas Racing. That's where I'll be next year, and hopefully for the rest of my life, my career in NASCAR racing."

Stewart was granted a release from the final year of his contract with Joe Gibbs Racing on Wednesday, a move that will take effect at the conclusion of the 2008 season.

Stewart will finish the 2008 Sprint Cup season driving the No.20 Toyota for JGR, and will compete in two more Nationwide Series races for the organization, including Friday night's race at Chicagoland.

His contract with JGR was originally set to run through the 2009 season.

Stewart's move next year gives Custer high hopes for revitalizing his struggling organization.

"It's an unbelievable day for our organization," Custer said. "We've been in this sport for a number of years, building what we feel like is a nucleus of a winning organization, but quite frankly, we haven't finished that journey. And being able to work together and put the deal like this together is a dream come true for the Haas organization."

Haas CNC fields Chevrolets for two teams, with Scott Riggs driving the No.66 car. Their second entry, the No.70, has featured six different drivers so far this year. Riggs is currently 35th in driver points, while the No.70 team is 44th in owner points.

Next year, Stewart will drive one of the team's two entries with a number yet to be determined. The team's second driver has not been named, but Daytona 500 winner Ryan Newman is widely rumored to be in second seat for Stewart-Haas Racing next season.

Stewart will also continue his long-term relationship with Chevrolet. The manufacturer sponsors his USAC and World of Outlaw cars. JGR fielded Chevrolets from 2003 to 2007 before switching to Toyota at the start of this season.

He had a prosperous 12-year tenure with JGR, including Cup championships in 2002 and 2005. He also recorded 32 career victories and finished top-10 in points in eight of the last nine seasons.

Stewart is currently 12th in the championship standings, and holds just a two- point advantage over 13th-place Kevin Harvick with eight races remaining before this year's "chase" begins. The 12th spot is the cutoff point for "chase" eligibility. Stewart is the defending winner at Chicagoland.

Stewart-Haas Racing will remain in the current shops of Haas CNC Racing in Concord, North Carolina with no plans of relocating to Stewart's home state of Indiana, where his USAC and World of Outlaw teams are located.