Mega Limited, a naming rights sponsor of Walkinshaw Andretti United, has been placed into receivership.

The fuel company was named as one of the Holden squad’s two naming rights partners this season to form Mobil 1 Mega Racing, backing the ZB Commodores of James Courtney and Scott Pye.

It has been confirmed that the Queensland-based firm has been put into external administration with McGrathNicol since August 29.

The news arrives after Mega Fuels opened its first retail service station at Rocklea, Brisbane in July.

Walkinshaw Andretti United was unable to comment on the matter when contacted by Speedcafe.com this morning.

The team is in the process of forming its plans for next season with Chaz Mostert understood to be joining the squad, while the identity of its second driver remains unclear.

Last week, Courtney confirmed he will leave the team after a nine-year stint at the end of the campaign while Pye is currently out of contract.

Mega Limited has been significant backer of Australian motorsport have sponsored Walkinshaw’s Australian GT program, and backed Jason Bright’s Tickford Racing Falcon in 2017.