Waltrip announces new partner

Kauffman will provide financial and business strategy support to the company, which started a three-car operation in the NASCAR Nextel Cup this year, becoming the biggest Toyota squad of the field in their maiden season for both team and manufacturer.

Forbes magazine lists 43-year-old Kauffman as number 557 in their world's billionaire list, with an estimated fortune worth US $1.8 billion. He co-founded Fortress Investment Group in 1998 and became a billionaire after a public offering of shares from his company was completed last month.

Waltrip also announced a number of changes inside his organization, aimed at lifting more responsibilities off from his shoulders as he tries to concentrate more on his role as driver of his team's No. 55 car, which he failed to put on the grid for a number of races this year.

"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.

"This [announcement] 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."

In addition to Waltrip's car, the team will also field the No 44 entry in the 2008 NASCAR Sprint Cup Series, driven by Dale Jarrett in the first five points-races and from then on by David Reutimann. The No. 99 car will also be entered full-time in the 2008 Nationwide (Busch) Series for Reutimann.

The team has yet to confirm if the No. 00 car will be raced for the whole season next year. Reutimann will drive it in the first five races before he switches to the No. 44, but it is still uncertain if the car's current sponsors will return for next year.