INDIANAPOLIS — For the first time in his career, Helio Castroneves is slowing down.

The four-time Indianapolis 500 winner will not take on a full schedule of NTT IndyCar Series races in 2024. Rather, the 48-year-old will step back and serve as a mentor, ambassador and minority partner for Meyer Shank Racing.

Castroneves will be replaced by Tom Blomqvist on a full-time basis. Castroneves, however, intends to compete for a fifth Indy 500 win next year.

“First, I want to thank Mike (Shank), Jim (Meyer) and Liberty for accepting me as part of the ownership group,” Castroneves said in a release. “Throughout my career, I’ve been very fortunate to surround myself with an amazing group of people, and this journey will be my next chapter, and I can’t wait for that. Don’t get me wrong, I still have a lot of fuel to burn inside in terms of driving, and I will do that at the Indy 500 as I continue my pursuit of the Drive for Five.”

Blomqvist, who won the 2022 International Motor Sports Association WeatherTech SportsCar Championship, is joining MSR on a multi-year deal. Blomqvist’s agreement with MSR signals his return to open-wheel competition. The 29-year-old from the United Kingdom made a name for himself in Europe in the Formula Renault and Formula 3 championships.

“We are thrilled to bring Tom over to our IndyCar program full-time starting next year, and to be able to keep Helio as a key part of our program moving forward and go for a fifth Indianapolis 500 victory next year,” Shank said via release. “I feel like all the planets aligned for us to be able to do this, so I’m really grateful for us to be making this next step as a team.

“Helio brings so much to what we do overall as a team, both in terms of our competition package and all of his experience, as well as how he’s able to engage with our partners. So, having him transition to this role is really exciting for everyone involved.”

Blomqvist made his IndyCar debut in July at the Grand Prix of Toronto. He was filling in for MSR’s Simon Pagenaud, who was out with an injury.

Blomqvist’s first IndyCar race only lasted one lap, as he was involved in a first-turn accident that took him out of the race.

“Firstly, I would like to say a huge thank you to Mike and Jim and all the partners — AutoNation, SiriusXM, Arctic Wolf, Clopay and Cleveland-Cliffs — for believing in me and giving me this opportunity,” Blomqvist said in a release. “It’s been a good ride the last two years in IMSA, but I’ve been itching to make the step up to IndyCar, and this is an opportunity I’m eager and motivated to make the most of.

“IndyCar is an incredibly competitive series, and I’m under no illusions in how difficult this championship can be, but I am extremely motivated to make the most of this exciting new challenge.”

MSR is still finalizing plans for its second full-season entry in 2024. The race team indicated that it plans to make another driver-related announcement soon.