CHARLOTTE, N.C. -- The sale of Phoenix Racing was completed on Wednesday, sources close to the situation told ESPN.com.
An official announcement is expected later in the week, likely Friday.
Team owner James Finch told ESPN.com two weeks ago he hoped to have a deal completed by July 15, but paperwork slowed the process by a few days.
Finch would not name the potential buyer at the time, but a source said Harry Scott Jr., the co-owner of Turner Scott Motorsports that competes in the Nationwide and Truck Series, had strong interest.
Finch will fund the No. 51 Chevrolet that gets its engines and chassis from Hendrick Motorsports through the July 28 Brickyard 400. Sources said Finch will be with the organization that also fields a Nationwide car part time through the Sept. 7 Sprint Cup race at Richmond.
AJ Allmendinger, who will drive the Cup car at Indianapolis, will drive at least some of the races leading into Richmond. At that point, new ownership will choose a driver.
Finch has 18 employees in his Spartanburg, S.C., shop located just more than an hour from the NASCAR hub in Charlotte. He has run off and on in the Cup series since 1990, his only win coming with Brad Keselowski at Talladega in 2009.
He has 13 wins in 538 Nationwide Series starts.
Finch didn't attempt to run a full Cup schedule until 2011. In 2012, he gave 2004 champion Kurt Busch a ride after Busch was released from Penske Racing.
Among the drivers expected to be considered for the 51 next season is Ryan Newman, who learned last week he would not return to Stewart-Haas Racing in 2014.
It was announced earlier in the day that Newman would drive a Turner Scott entry in the inaugural Truck Series race at Eldora Speedway on July 24.