(Reuters) - The Petronas Sepang Racing Team (SRT), Yamaha's satellite MotoGP team, will cease all racing and non-racing operations at the end of the 2021 world championship, the team announced on Thursday.
Team principal Razlan Razali and team director Johan Stigefelt are set to continue in MotoGP with a new entity from 2022, which will be announced at the Misano Grand Prix next month.
"From a small start in 2015 there was a great step for us in 2018 when we secured an entry to the premier class of MotoGP and built a MotoGP squad from scratch," Razali said in a statement.
"The team will race its final race in Valencia and we thank all our crew, riders, fans and partners for their support. In particular, we thank (title sponsor) Petronas, without whom none of this would have been possible."
The team's two MotoGP riders are set to move on, with nine-times world champion Valentino Rossi calling time on his MotoGP career https://www.reuters.com/article/motor-motogp-styria-rossi-idINL1N2PC1HT at the end this season.
Franco Morbidelli, who had knee surgery in June, is expected to be promoted to the factory squad to take Maverick Vinales' place after the team and rider parted ways https://www.reuters.com/lifestyle/sports/vinales-yamaha-part-ways-with-immediate-effect-2021-08-20 earlier this month.
(Reporting by Rohith Nair in Bengaluru; editing by Pritha Sarkar)