INDIANAPOLIS -

Three-time Indianapolis 500 winner Dario Franchitti said Thursday that doctors have told him he can no longer race because of injuries sustained in an IndyCar crash last month.

Franchitti fractured his spine, broke his right ankle and suffered a concussion in the Oct. 6 crash at Houston. The crash occurred on the last lap when his car made contact with another car and went sailing into a fence.

The 40-year-old Franchitti underwent two surgeries on his ankle and recently returned home to Scotland to recover.

"One month removed from the crash and based upon the expert advice of the doctors who have treated and assessed my head and spinal injuries post accident, it is their best medical opinion that I must stop racing," Franchitti said.  "They have made it very clear that the risks involved in further racing are too great and could be detrimental to my long term well-being. Based on this medical advice, I have no choice but to stop."

The four-time IndyCar champion has been the face of the series since he returned in 2009 following a brief stint in NASCAR. He won three consecutive titles from 2009 to 2011, and two of his three Indy 500 wins.

Franchitti had crossover appeal for the IndyCar Series through his 11-year marriage to actress Ashley Judd, which ended in January. But he was personable, well-spoken, popular in the paddock and passionate about the sport. It resonated with fans and made Franchitti one of IndyCar's all-time greats.

Franchitti's 31 victories are tied for eighth on the all-time list, and his 33 poles are sixth on the all-time list.

"Dario Franchitti has done so much for Target Chip Ganassi Racing, so it will be very disappointing to not see him in our cars next season," Ganassi said. "But simply put, Dario is a motorsports legend and will be sorely missed on the race track by everyone in the paddock and in the stands. His contributions to the sport of motor racing are too many to list, but I can tell you that they go way beyond what he has done on the track."

Statement from Dario Franchitti:

“Since my racing accident in Houston, I have been in the expert care of some of the leading doctors and nurses, all of whom have made my health, my safety and my recovery their top priority.  I am eternally grateful for the medical care I have received over the last several weeks.  I'd also like to thank my family and friends for their unbelievable support.

"One month removed from the crash and based upon the expert advice of the doctors who have treated and assessed my head and spinal injuries post accident, it is their best medical opinion that I must stop racing.  They have made it very clear that the risks involved in further racing are too great and could be detrimental to my long term well-being.  Based on this medical advice, I have no choice but to stop.

"Racing has been my life for over 30 years and it's really tough to think that the driving side is now over.  I was really looking forward to the 2014 season with Target Chip Ganassi Racing, with a goal of winning a fourth Indianapolis 500 and a fifth IndyCar Series championship.

"I'd like to thank all my fellow competitors, teammates, crew and sponsors for their incredible support over the course of this amazing ride.  I'd also like to thank Hogan Racing, Team KOOL Green and Andretti Green Racing for the opportunities to compete on the racetrack, and especially Target Chip Ganassi Racing, who have become like a family to me since I joined their team back in 2008.  I would be remiss if I didn't thank all my fans around the world.  I can't thank you enough for standing by my side for all these years.

"I'll forever look back on my time racing in CART and the IndyCar Series with fond memories and the relationships I've forged in the sport will last a lifetime.

"Hopefully in time, I'll be able to continue in some off-track capacity with the IndyCar Series.  I love open-wheel racing and I want to see it succeed.  I'll be working with Chip to see how I can stay involved with the team, and with all the amazing friends I've made over the years at Target.

"As my buddy Greg Moore would say, ‘See you up front’”

Statement from Chip Ganassi, Team Owner:

“Dario Franchitti has done so much for Target Chip Ganassi Racing so it will be very disappointing to not see him in our cars next season.  But simply put, Dario is a motorsports legend and will be sorely missed on the race track by everyone in the paddock and in the stands.  His contributions to the sport of motor racing are too many to list but I can tell you that they go way beyond what he has done on the track.  What’s both impressive and unique about Dario is that he has always been a student of racing, someone who not only appreciates the actual science of the sport but also the rich heritage of those racers that have gone before him.  This news only serves as the start of next chapter in Dario Franchitti’s racing career – which I expect will be here with Target Chip Ganassi Racing.”

Statement from Gregg Steinhafel, CEO, Target:

“We have been proud to watch Dario emerge as one of the most exciting drivers in IndyCar, winning three series championships and becoming a two-time Indianapolis 500 winner during his time with Target Chip Ganassi Racing.  Not only has he had a storied career, but his popularity with Target’s guests, his tremendous contributions to racing and his engagement in our community giving efforts have made him an integral part of Team Target.  While we’ll miss seeing him drive behind the Bullseye, Dario will always be a member of the Target racing family, and we look forward to seeing him excel in the next phase of his career.”