Cheever's IRL team, active until July 2006, ran cars for Alex Barron and Patrick Carpentier in 2005. Having hung up his helmet in 2002, except for occasional instances such as the 2006 24 Hours of Daytona where he competed in the first race with his new Grand-Am series team, Eddie announced on February 21, 2006, he would come out of retirement to run his own car in the IRL's first four races, including the Indianapolis 500. He shut his team down after the 8th race of the season due to lack of sponsorship. The team continues to compete in the Grand-Am Rolex Sports Car Series.