The team owned by 2000 GT500 champion Ryo Michigami was one of two teams in the GT300 class absent from last week's entry list reveal for the Fuji GT 100 Lap race, along with Tsuchiya Engineering.
A brief statement released by Drago on Monday read: "Our contract with Busou has been terminated, and as such we will no longer participate as 'Busou Drago Corse'. Additionally, our participation in the fourth round of the SUPER GT season at Fuji on August 6-7 has been cancelled.
"Our participation in the fifth round [scheduled for August 27-28 at Suzuka] onwards is not yet decided, but we are aiming to resume our participation."
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Drago switched from Honda to Nissan GT3 machinery for the 2022 season as part of its tie-up with Busou, an aero parts manufacturer with strong links to Nissan, with Michigami standing down from driving duties.
Two-time GT500 champion Masataka Yanagida and ex-Formula 1 racer Yuji Ide were announced as the team's drivers, and the pair lie sixth in the GT300 standings after finishing second on SUPER GT's last visit to Fuji in May.
Drago's split with Busou marks the third time in as many seasons that Michigami's team has parted ways with its primary backer.
It had to contend with the loss of Honda sub-brand Modulo at the end of the 2020 season (pictured above), and a new alliance with furniture brand Yogibo last year only lasted one season, with Yogibo entering a new partnership with B-Max Racing 2022 to field a Ferrari in GT World Challenge Asia.
The news of Drago's split with Busou is not expected to affect the team's participation in Super Formula with a single Honda-powered car for Nirei Fukuzumi.
