HScott Motorsports team owner Harry Scott, Jr. announced Monday that the team will not compete in NASCAR's top series in 2017.

The team fielded two full-time entries in what was known as the Sprint Cup Series in 2015 and 2016, most recently with drivers Clint Bowyer and Michael Annett. Bowyer, who joined the team as part of a one-year agreement before moving to Stewart-Haas Racing, finished the season 27th in points. Annett finished a disappointing 36th in the standings last season.

Annett announced earlier this year that he and sponsor Pilot Flying J will make the move to JR Motorsports to compete in the NASCAR Xfinity Series in 2017.

Scott said the team had no realistic options to compete in NASCAR in 2017 in a statement.

"Over the past several months I considered a number of options for moving forward with the team," Scott said. "Regrettably there are no viable sponsor/driver options immediately available to allow the team to participate in 2017."

HScott leased a charter from Premium Motorsports for Annett's entry last season. That charter was returned to the team before being sold to Furniture Row Racing to support Erik Jones and the No. 77 team. The charter that was used for Bowyer's No. 15 team was sold to Premium Motorsports, according to the team.

Scott purchased the team from James Finch in late 2013 after owning teams in the Xfinity and Camping World Truck Series.

"I love this sport and being part of it," Scott said. "I invested in NASCAR because I truly believe it represents the best racing competition in the world and the best people in all sports."