Wow, that is shocking and sad. I think the cachet of the team was tied to Paul Newman, and I'm guessing his loss is finally catching up to them. That guy had something about him that attracted people and sponsors, and I guess it is what made him a star. He passed in late 2008, so any of the typical three year associate sponsor contracts are now finished.
This is a big loss for IndyCar in terms of on track competition, and an even bigger loss to the overall prestige of the series.
Years ago, Richard Childress was experimenting with the idea of taking his NASCAR team public and issuing stock. It never happened, and I don't know the exact reasons why (although I can guess a few), but this might be the time for IndyCar teams to consider that option. I'm sure a number of people would buy into a racing team just to say they are an "owner," and a bunch of $20 bills can add up to some real money.