Robert Kauffman, president of Fortress Investment Group LLC’s European unit, bought a 50 percent stake in Nascar’s Michael Waltrip Racing.
The investment is personal and not part of Fortress, Kauffman said at a press conference at Lowe’s Motor Speedway near Charlotte, North Carolina. Waltrip, who fields three Toyota cars in Nascar’s top series, will continue to hold the rest of the company. Gene Laverty, Bloomberg.com
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.
Dale Jarrett’s next delivery for sponsor UPS will be to Michael Waltrip Racing teammate David Reutimann.
The 1999 Nextel Cup champion will drive the first six races of the 2008 season in the No. 44 UPS Toyota, then hand it over to Reutimann. Jarrett will also run the all-star race in Charlotte while Reutimann will handle the remainder the season.
Since his first start at Martinsville Speedway in 1984, Jarrett has won 32 races and finished in the top five in points eight times, including seven straight from 1996 to 2002 at Robert Yates Racing.
Michael Waltrip said farewell to Dale Jarrett on Friday, then introduced a partner who he believes will help his fledgling race team become competitive. Jarrett will run just seven races in 2008 — the first five points events, the All-Star race and the season-opening exhibition event at Daytona — before turning the No. 44 Toyota over to David Reutimann.
“It’s been a difficult decision, but we knew this time was coming, ” Jarrett said. “With the things that transpired this year, it showed me we are ready to do this. “
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