MWR names 50 percent partner
By Rea White
Friday, October 12, 2007
DAVID GRIFFIN / NASCAR SCENE /
CONCORD, N.C. - Team owner Michael Waltrip has announced an agreement with investor Robert Kauffman that makes the pair equal partners in the newly formed Michael Waltrip Racing Holdings LLC, the team that will compete under the Michael Waltrip Racing banner.
MWR plans to continue fielding three full-time NASCAR Sprint Cup teams in 2008. Waltrip will drive the No. 55 NAPA-sponsored Toyota, David Reutimann will drive the opening five races in the No. 00 Toyota and then move over to replace Dale Jarrett, who will drive the opening five races in the No. 44 UPS Toyota. Exact plans for the No. 00 beyond the opening five races have not been ironed out, though Waltrip said that development drivers Josh Wise and Michael McDowell, who has been running races in the ARCA series, could drive some races in that car.
Kauffman is pursuing this opportunity with what he deemed a personal investment. He is a founder and managing partner in Fortress Investment Group, which is listed on the New York Stock Exchange.
"In the past 18 months, it is amazing what our small group has been able to accomplish," Waltrip said. "We did what no one else has ever tried, forming three Cup teams with a new manufacturer, and we've made it through the toughest time.
"Now I have a business partner in Rob Kauffman who is as passionate as I am to make this team successful."
That, in addition to adding Cal Wells as executive vice president of operations to help Vice President and General Manager Ty Norris and Larry Johns as chief financial officer and the recent hiring of Dr. Eric Warren as technical director gives Waltrip the tools he says he needs.
"This gives me, my employees and my sponsors the confidence that our product will continue to improve and that Michael Waltrip Racing is a company that will be successful for a long time to come."
