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Three-time Indianapolis 500 winner Dario Franchitti announced his retirement from IndyCar racing Thursday after being told by his doctors that it would be too dangerous for him to participate future in the sport.

The four-time IndyCar Series champion suffered a crash last month that resulted in severe head and spinal injuries. Franchitti admits, “Doctors have made it very clear that the risks involved in 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.”

He released a lengthy statement through Target Chip Ganassi Racing that he shared on Twitter:

The racing team head said, “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 they go way beyond what he has done on the track.”

This leaves Helio Castroneves as the only active three-time Indy 500 winner trying to join four-time record holders A.J. Foyt, Rick Mears and Al Unser Sr.

His estranged actress wife Ashley Judd rushed to his hospital bedside on the day of his crash. Despite rumblings of a reconciliation, several media sources indicate he has moved on with a new girlfriend who may soon become his fiancee. That said, Judd re-tweeted Franchitti’s retirement statement.

Photos: WENN, Twitter-Dario Franchitti