Walkinshaw Shown the Door

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The future of Australia's most famous motor racing team is in doubt after Holden ended a 26-year partnership with the Holden Racing Team in a bombshell announcement that will see seven times Bathurst winners stripped of their name.

On a dark day for the team made famous by Peter Brock, Mark Skaife and Craig Lowndes, HRT lost in excess of $2 million a year in support when Holden announced it would not be backing the team for the first time since 1990.

HRT were also stripped of their famous name with Red Bull Racing Australia to become The Red Bull Holden Racing Team after winning an exclusive three-year deal to become Holden's only fully backed-factory team.

HRT is now fighting to secure its future and is already understood to be chasing Japanese giant Toyota in a determined bid to remain a Supercars powerhouse.

Holden ended its 26-year relationship with HRT by way of phone on Monday night when a Holden official called owner Ryan Walkinshaw to deliver the crippling news.

"After fielding Holden's official factory team for 26 years we are naturally disappointed but respect Holden's decision,'' Walkinshaw said.

"While our official motorsport partnership may have ended, our relationship with Holden remains strong and we continue to work closely on future road vehicles in line with our HSV (Holden Special Vehicles) business.''

HRT vowed to continue in the sport yesterday with a statement declaring they "remained committed to fielding two Commodores in 2017 and beyond following today's announcement by Holden to end its sponsorship by the end of 2016''.

The team has been left without a major sponsor for next in a blow that also could cost them star driver's James Courtney and Garth Tander.

Both the former Supercars champions are off-contract at the end of the year and free to follow Holden at the door should they be able to find a more attractive deal.

Holden ended months of speculation about their future in Australian motorsport by cutting HRT and signing an exclusive three-year deal with Triple Eight Race Engineering.

Jamie Whincup and Shane Van Gisbergen will next year become the only two factory Holden drivers on the Supercar grid.

Holden confirmed the company would be racing Commodores for at least the next three years with the new version of the Australian legend tipped to be a V6 version of the Opal Insignia.

"Motorsport has played a significant role in Holden's heritage and we're proud to be carrying on that tradition with the new Red Bull Holden Racing Team, while reshaping our brand and presence in the market and in motorsport,'' said Holden Managing Director Mark Bernhard.

"We're taking our company forward. Fans around the country will see the new Red Bull Holden Racing Team on the grid from next year but I'm especially excited about our next-generation Commodore hitting the racetrack in 2018. Australia can rest assured that our next-gen Commodore will live up to the iconic nameplate, on and off the track.

"Triple Eight is the most successful team of the modern era, they are simply the best at what they do.''

Triple Eight's incredible success no doubt ended HRT.

The team has won a staggering 101 races since linking with Holden in 2010 while HRT has won just 16.

Holden said they would continue offering HRT non-financial assistance.

"I'd also like to thank and pay homage to Walkinshaw Racing with whom we have shared a proud history over many years,'' Bernhard said.

"We'll also continue to help Walkinshaw wherever we can. We support every Holden team in pit lane through various avenues such as marketing support, technical support, sponsorship acquisition, even down to helping design certain race liveries. We'll continue that with Walkinshaw and I wish them all the best. Our relationship with Walkinshaw remains strong and we are working closely on future road vehicle initiatives as part of our ongoing HSV relationship."