Hilliard, OH (My Sportsbook) - Rahal Letterman Racing will suspend its efforts in IndyCar Series competition in 2009 due to lack of sponsorship, the team announced on Wednesday.

"As of this time, we do not have any sponsorship that will allow us to compete in the (Indy Racing League) in 2009, but by no means does that mean that we are giving up," team co-owner Bobby Rahal said in a statement. "We are continuing to search for sponsorship to run the 2009 season and to run in the Indianapolis 500, and we feel that there is still time for us to put something together that will allow that to happen."

RLR said it remains committed to its programs in the Firestone Indy Lights Series, the American Le Mans Series and Formula BMW Americas.

The team, also co-owned by television talk show host David Letterman, fielded a car for driver Ryan Hunter-Reay in 2008. Hunter-Reay recorded his first career IndyCar victory in July at Watkins Glen, NY. He finished eighth in points last year.

RLR won the 2004 Indianapolis 500 with driver Buddy Rice, and in 2005, the team brought Danica Patrick to the IRL, as she won rookie of the year honors that year. Patrick moved over to Andretti Green Racing in 2007.