Automotive

Michael Waltrip Racing adds partner

WALTRIP INTRODUCES PARTNER Adds Depth to Michael Waltrip Racing CONCORD, N.C. (October 12, 2007) -- Michael Waltrip Racing today unveiled the next phase of its accelerated growth, announcing several moves to enhance its future as an elite NASCAR ...

Published: Oct 13, 2007, 6:38 PM

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WALTRIP INTRODUCES PARTNER
Adds Depth to Michael Waltrip Racing

CONCORD, N.C. (October 12, 2007) -- Michael Waltrip Racing today unveiled the next phase of its accelerated growth, announcing several moves to enhance its future as an elite NASCAR racing organization.

Michael Waltrip, MWR's founder and Chief Executive Officer, introduced Robert Kauffman as an equal ownership partner in a newly formed company, Michael Waltrip Racing Holdings, LLC. Kauffman, a founder and managing partner of Fortress Investment Group, will lend financial and business strategy support to MWRH to ensure its growth is both strategic and successful.

Kauffman, a long-time racing enthusiast who was born in New York and currently lives in Europe, is pursuing this business opportunity personally, not through Fortress Investment Group.

Waltrip also confirmed that MWRH will field three full-time NASCAR Sprint Cup teams and one full-time NASCAR Nationwide Series effort in 2008, and that rookie David Reutimann has renewed his driving contract to remain in the MWRH stable for the next three years.

Waltrip will continue to drive the #55 Toyota Camry sponsored by NAPA AUTO PARTS. Reutimann will drive the first five races of the 2008 NASCAR Sprint Cup season in the #00 Toyota Camry before taking over the #44 UPS Toyota Camry starting at Martinsville, Va. Dale Jarrett, whose illustrious career is coming to an end in 2008, will drive the #44 UPS Toyota Camry for the first five NASCAR Sprint Cup races (Daytona International Speedway, California Speedway, Las Vegas Motor Speedway, Atlanta Motor Speedway, Bristol Motor Speedway) and will run his final race in May in the Sprint All-Star event at Lowe's Motor Speedway.

Reutimann, currently second in NASCAR Busch Series drivers points, will also drive the #99 Toyota Camry sponsored by Aaron's Sales Lease and Ownership, Best Western and XM Satellite Radio, full-time in the NASCAR Nationwide Series, running for the championship.

As part of the business strategy, MWRH is adding depth to its executive management team. In addition to retaining Ty Norris as its Vice President and General Manager, MWRH announces the hiring of Calvin Wells III as its Executive Vice President of Operations and Larry Johns as its Chief Financial Officer.

This restructure announcement by Waltrip comes on the heels of the hiring of Dr. Eric Warren as the team's Technical Director, a role ultimately responsible for the development of the race cars and competitiveness of the teams.

"In the past 18 months, it is amazing what our small group has been able to accomplish," said Waltrip. "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, I have the executive management depth by adding Cal to help Ty run the day-to-day operation, and I have one of the most experienced and most respected engineering managers in our sport with Dr. Eric Warren," continued Waltrip. "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."

-credit: mwr

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