Kyle Larson was fired Tuesday by Chip Ganassi Racing, completing a stunning downfall for the budding NASCAR star who uttered a racial slur during a live-streamed virtual race and then watched as nearly every one of his sponsors dropped him.

The 27-year-old Larson, in his seventh Cup season with Ganassi and considered the top free agent in NASCAR just three days ago, is now out of a job in what could ultimately be an eight-figure blunder.

“After much consideration, Chip Ganassi Racing has determined that it will end its relationship with driver Kyle Larson,” Ganassi said. “As we said before, the comments that Kyle made were both offensive and unacceptable especially given the values of our organization. As we continued to evaluate the situation with all the relevant parties, it became obvious that this was the only appropriate course of action to take.”

Larson was competing in an iRacing event Sunday night when he appeared to lose communication with his spotter on his headset. During a check of his microphone, Larson said, “You can’t hear me?” That was followed by the N-word.

He issued an apology Monday, saying there was “no excuse” for his comment, and he apologized in a video posted on his social media accounts.

“I made a mistake, said the word that should never, ever be said,” Larson said. “There is no excuse for that. I wasn’t raised that way. It is just an awful thing to say. I feel very sorry for my family, my friends, my partners, the NASCAR community and especially the African American community.

“I understand the damage is probably unrepairable and I own up to that. But I just want to let you all know how sorry I am and I hope everyone is staying safe during these crazy times.”

Larson was suspended without pay by Ganassi early Monday, then suspended indefinitely by NASCAR. Larson was ordered to complete a sensitivity training.

There were ramifications from Larson’s sponsors. McDonald’s, Credit One Bank and Fiserv, a financial services technology company that runs the Clover platform that had sponsored Larson, terminated their sponsorship deals, and Chevrolet terminated its personal services relationship with him.