Rusty Wallace Racing is taking a “hiatus” from NASCAR in 2012, effectively closing its doors and shutting down its two-team NASCAR Nationwide Series operation.
Rusty Wallace Racing Shuts Down NASCAR Teams For 2012 Season
Team says Steve Wallace has sponsorship to find a ride with another organization; Michael Annett released.
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The funding necessary to continue running the team could not be found, the team said in a press release, forcing Wallace to “temporarily cease” operations.
RWR’s business staff will remain in place to help driver Steve Wallace find a ride for 2012, the team said.
“This was a tough decision to make, but it was the prudent one from a number of perspectives,” Rusty Wallace said in a statement. “While we had several great partners such as (Michael Annett sponsor) Pilot Flying J on board for 2012, we just didn’t feel like we had enough sponsorship in place to accomplish all of our goals.”
Wallace, a former Sprint Cup Series champion and current ESPN analyst, said the team had enough funding to run – but not competitively.
“I promised myself and my family long ago that if the team wasn’t funded to a level with which we were comfortable, we just wouldn’t run it,” he said. “I’ve worked way too hard to put part of my life savings into a race team.”
Wallace said his team’s sponsors were “staying on board” to support son Steve this season and the organization would work to find him a ride. Annett has been released to take his family sponsorship to another team.
“One of the hardest parts of this decision was knowing the impact that it would have on our employees and their families,” Wallace said. “It’s just the unfortunate reality that our sport is facing right now. We wish all of our employees the very best in the future.”
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