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The Ray Price Motorsports Racing Team announced it will no longer compete in drag racing. The decision was made in large part because of the passing of founder and AMA Hall of Famer Ray Price last month at the age of 78.

“The Ray Price name has been synonymous with motorcycle drag racing in the NHRA (National Hot Rod Association) and IHRA (International Hot Rod Association) for nearly half a century,” says Mark Hendrix, general manager of Ray Price, Inc. “The team has a long history of remarkable racing accomplishments, which enables us to feel a great sense of pride with today’s announcement of the retirement of the Ray Price Motorsports Racing Team from competitive drag racing.”

The team had been drag racing for 48 years, with Price himself racing up until 2003. Price was an influential figure in drag racing, introducing the first wheelie bar and the two-speed drag racing transmission. More recently, the team was represented by Tommy Grimes who won the NHRA Harley-Davidson Top Fuel Drag Racing Championship in 2014 and 2015.

“Over the years, everyone worked extremely hard and built many great friendships with sponsors, fans and competitor teams,” says Hendrix. “Winning championships is not possible without the commitment from a great team of sponsors and the finest technicians in the business, including racer Tommy Grimes, engine builder Justin Heinle, crew chief Jeremy Hoy, and team manager Mark Morgan. Everyone deserves recognition for the team accomplishments over the years, and yet the friendships and camaraderie across the sport, with all the memories, is what we celebrate the most.”

[Source: Ray Price Motorsports Racing Team]