Tony Stewart Set To Announce Majority Stake In Haas-CNC
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Jul 10, 2008
Joe Gibbs Racing will release Tony Stewart from his contract at the end of the season, ending a successful decade in which they won two championships and turned the organization into one of NASCAR’s best.
“While this moment is bittersweet, we’re parting on good terms and we know that each of us has benefited greatly from the other,” Gibbs said in the statement.
Stewart’s departure opens the door for him to buy a NASCAR team. He’s expected to announce he’s purchased majority ownership in the fledgling Haas-CNC two-car team.
Stewart joined JGR in a developmental role in 1997 while he was still competing in the IndyCar Series. His arrival helped JGR expand to two teams and had an immediate impact on the Cup Series. He set a rookie record of three wins in 1999 while winning rookie of the year honors. It began a 10-year run that’s seen Stewart win at least two events a season.
With 32 career victories, Cup championships in 2002 and 2005 and more than $68 million in winnings, it’s been one of the most steady and successful partnerships in NASCAR history.
JGR wanted Stewart to sign an extension beyond his current contract—which expires at the end of 2009—and run his entire career in the No. 20. The 37-year-old instead tested free agency and was tantalized by the idea of owning his own race team. By becoming an owner, Stewart would secure a spot in NASCAR long after he finished driving.
It’s been a rocky season for Stewart, who is stuck in a 32-race winless streak dating back to August at Watkins Glen. He lost the Daytona 500 on the last lap, the Coca-Cola 600 when his tire went flat while leading late, and several other races because of a bizarre streak of bad luck that has plagued him all season.
“I’ve learned so much from them and have a tremendous amount of respect for what they’ve built,” Stewart said in a statement. “I’ve modeled my USAC and World of Outlaws teams the same way they built their NASCAR team, and I made it a point to find good people to run those programs.”
