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Waltrip: getting some outside help. (LAT photo) MORE NASCAR PHOTOS » More Photos
Michael Waltrip said Saturday that he hates what he called the "i word" – investor, preferring to use the term "partner" to introduce Robert Kauffman, a European-based investment banker who is now half owner of Michael Waltrip Racing.
Kauffman, a founder and managing partner of Fortress Investment Group, has hired former Nextel Cup team owner Cal Wells as executive vice president of operations at MWR and brought in a chief financial officer Calvin Johns as well. Ty Norris will continue as the team's vice president and general manager. Asked if he would still control the key management decisions made at MWR, Waltrip said, "Yeah, day to day. We'll probably eventually have a … Rob and I are going to make all the decisions."
MWR is the latest in a whole series of Nextel Cup teams that have been sold, merged or otherwise invested in this season. Roush Racing became Roush Fenway Racing in February when it merged with Fenway Sports Group. Canadian investor George Gillett acquired a majority interest in Evernham Motorsports earlier this year and Ginn Racing was sold to Dale Earnhardt, Inc. Along with the MWR partnership, collectively, these deals represent about one-third of the cars in a Nextel Cup race.
Other teams are in play, too: Gillett is still talking merger with Petty Enterprises and Robert Yates Racing, which pulled out of a merger with open-wheel team Newman/Haas/Lanigan last
"They're dropping out of the clouds, people that wanted to buy your team when they sensed that it needs to be bought," said Waltrip. "I had to listen to all of them. I heard it all. Fortunately, the first guy I met is the gentleman that I wound up partnering with."
Despite having three fully sponsored teams, MWR did not have the operating capital to compete with the top teams in the sport, Waltrip said. "We were having to make decisions to cut things that I felt were necessary for us to be winners," Waltrip said, adding that he realized in January that the company was undercapitalized. "I didn't think we were going to have to do that, but it became obvious that we needed to," he said.
Waltrip said he had no trouble with the idea of taking on a partner. "I could see that there were things that we weren't doing well," he said. "We knew race cars really good, but we didn't surround ourselves with the type of folks that were necessary to run the race team like a business. I was running the race team like a race-car driver: If you need it go get it, we'll figure out how to pay for it later. It just really turned out that I needed some help."
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