Holden's commitment to the Supercars championship will formally end at the completion of the 2020 season.
The manufacturer has revised its agreement with Triple Eight Race Engineering to provide factory support for the Red Bull Holden Racing Team after the news earlier this year that the brand would be retired by parent company General Motors.
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While Holden's contract with Triple Eight originally ran until the end of the 2021 campaign, an agreement has been reached to terminate the contract a year early.
Triple 8 released a statement on Tuesday to confirm the news.
"GM Holden and Triple Eight Race Engineering have reached an amicable agreement in the wake of Holden’s announcement that the manufacturer will be closing later this year," the statement read.
"The settlement, the details of which are commercially confidential, will see the Red Bull Holden Racing Team remain on the grid in its present guise until the end of the current Virgin Australia Supercars Championship season. The existing contract had been due to expire at the end of 2021.
"The two powerhouses of Australian motor racing joined forces in 2010, winning on debut in Abu Dhabi and going on to claim a one-two finish in the Bathurst 1000 in the same year. In total, Holden and Triple Eight together have claimed eight teams’ championships, six drivers’ titles and four Bathurst 1000 victories.
"The future branding of Triple Eight’s Supercars team is yet to be determined, with the current contract between co-title partner Red Bull and Triple Eight in place until at least the end of the 2021 season.
"The whole team at Triple Eight extends their heartfelt thanks to Holden, all Holden employees past and present with whom we’ve interacted, and the dealer network for their incredible support and friendship over the past decade.
"The team is totally committed to delivering the best possible results, both on and off the track, for the remainder of the season."
Holden reserves special praise for Triple Eight
It will mean the powerful Red Bull team, which features multiple championship winners Jamie Whincup and Shane van Gisbergen, could line up in a different brand of car from 2021 onwards.
Holden and Triple Eight joined forces in 2010 and have won six drivers' titles, four Bathurst 1000 races and eight teams championships as a partnership.
With Ford and Nissan having withdrawn their factory support in recent seasons, the agreement means none of the championship's teams will have direct manufacturer backing from next season.
Triple Eight says it will retain its branding with Red Bull, with the energy drink giant contracted until the end of the 2021 season.
A statement from GM Holden read: “Holden is pleased to have reached an amicable contract settlement with Triple Eight Race Engineering, and we along with everyone else are looking forward to seeing race cars on the track again soon.
“Motorsport has made an enormous contribution to the Holden brand and we are very proud of those on track achievements that can never be erased.
“Holden and Triple Eight have achieved a lot together since 2010 and that is something that we sincerely hope continues for the rest of this season.
“Holden is thankful to all the Commodore teams for their commitment and support, but particularly Triple Eight who have been fantastic partners.
“We all want to see the winning continue and what better way than a victory at Bathurst and a Supercars championship to send the Holden brand off in style.”
with Yahoo Sport staff