NASCAR Cup Series team 23XI Racing has rescinded its decision to appeal penalties that the sanctioning body handed down against it on Tuesday after the race at Martinsville Speedway.

In a statement released Wednesday afternoon on social media, team officials said they have chosen instead to put their concentration on efforts behind the No. 45 team with driver Tyler Reddick trying to win a championship this weekend at Phoenix Raceway.

RELATED: NASCAR penalizes three Cup teams after Martinsville

Reddick‘s teammate Bubba Wallace, driver of the No. 23 Toyota, was fined $100,000 and given a 50-point reduction as part of the penalties NASCAR handed down yesterday to three Cup Series teams for violating sections 4.4.B&D: NASCAR Member Conduct Code in the Rule Book, which include items on race manipulation and actions detrimental to stock car racing.

Trackhouse Racing and Richard Childress Racing remain on track to have their appeals heard on Thursday in Phoenix in front of the National Motorsports Appeals Panel.