Michael Waltrip Racing Won't Field Full-Time Team for 2016 Sprint Cup Season

After nine years as a full-time NASCAR Sprint Cup team, Michael Waltrip Racing will take a major step back starting in 2016.

According to Tom Jensen of FoxSports.com, MWR will no longer field a full-time team next season, which means current drivers Clint Bowyer and David Ragan will be free to explore their options with other teams.

Michael Waltrip Racing co-owner Rob Kauffman—who will own a stake in Chip Ganassi Racing beginning in 2016—explained the reasoning behind the decision, per Jensen:

"

MWR will race hard and compete for the remainder of the 2015 season. This decision was made after weighing several different options and scenarios. I felt it was important to make an announcement as soon as we had clarity, so that is what we are doing today. I want to thank all of our staff, partners, sponsors and fans for all their effort and support over the years.

"

MWR, which is also partially owned by two-time Daytona 500 winner Michael Waltrip, currently owns the No. 15 Toyota driven by Bowyer and the No. 55 Toyota piloted by a combination of Ragan, Waltrip and Brett Moffitt due to Brian Vickers' inability to race stemming from blood clot issues.

Ragan released a statement on the news, per Kelly Crandall of Popular Speed:

"

"I am grateful for the opportunity that Michael Waltrip Racing and Toyota have provided me this year. I have worked hard to be a good teammate and spokesperson for all of our sponsors, and as a team we have collectively improved our performance from the beginning of the season. I look forward to staying focused and trying to win a race this season for Aaron's and everyone at MWR.

"Going forward I will be working hard to secure a full-time ride in the Sprint Cup Series. At 29 years old, I feel my best years are in front of me."

"

Michael Waltrip Racing has enjoyed some measure of success, with seven Sprint Cup victories and a second-place finish by Bowyer in the 2012 points standings. Since that high-water mark, however, the team has struggled.

Bowyer missed the Chase for the Sprint Cup last season, and he is currently clinging to the 16th and final spot in the Chase for 2015.

As pointed out by Jay Busbee of Yahoo Sports, MWR has experienced a swift fall from grace after nearly reaching the pinnacle of NASCAR just a few years ago:

The organization is yet another casualty of big-time teams like Hendrick Motorsports, Joe Gibbs Racing, Stewart-Haas Racing and Team Penske dominating the landscape in recent years.

While MWR was able to compete with the top dogs for a period of time, it has lost its touch over the past couple of years, and it's lack of on-track success has destroyed the team's viability.

Seeing any team go out of business in NASCAR is unfortunate, especially when it's headed by a well-known name such as Waltrip.

With that said, it will create an interesting situation during the offseason, as Bowyer promises to be one of the hottest and most sought-after free agents to hit the open market in recent memory. 

Follow @MikeChiari on Twitter.