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NASCAR Nationwide Series
NNS: Wallace Shutters Team
RWR’s business department will continue to pursue sponsorship for Steve Wallace…
Mike Hembree  |  Posted January 06, 2012   Charlotte, NC
Steve Wallace, (Left) stands in the garage area with Rusty Wallace, (Right) during practice for the NASCAR Nationwide Series Stater Bros. 300 at Auto Club Speedway on February 19, 2010 in Fontana, California. (Photo: Getty Images)
Another NASCAR team has fallen on hard times.

Former Cup champion Rusty Wallace announced Friday that he is effectively closing his Rusty Wallace Racing Nationwide Series operation because of sponsorship difficulties.

Wallace called the move a “temporary hiatus,” but it results in the loss of about three dozen jobs and will result in drivers Steve Wallace (Rusty’s son) and Michael Annett seeking other rides.

Wallace said some of the team’s business staff will remain in place “to continue development of future opportunities” with the hope of returning Steve Wallace to the track.

RWR will continue to manage sponsorships for Steve Wallace, the team said.

Annett has been released from the team and will pursue other opportunities with his family sponsor, Pilot Flying J.

"This was a tough decision to make, but it was the prudent one from a number of perspectives,” Rusty Wallace said. “While we had several great partners, such as 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.

"A lot of teams would have run with the level of funding we have now, but we want to ensure that our team has the resources necessary to compete and to improve our operations. 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. I've worked way too hard to put part of my life savings into a race team.

"So, we collectively decided to take a break, regroup and focus on the future. We'll keep working hard on sponsorship programs for Steve and for future seasons. This also allows us to focus on the other aspects of our companies and our brand as well, whether it's our car dealerships, new track design projects, licensing, personal services or even something new.

"Most of all, I really want to thank all of our employees for their hard work and dedication. One of the hardest parts of this decision was knowing the impact that it would have on our employees and their families. 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."

RWR had run the Nationwide Series for 15 seasons.

“I'm saddened that we had to shut the team down today no sponsors have any money to spend!!” Steve Wallace tweeted Friday afternoon.

Mike Hembree is NASCAR Editor for SPEED.com and has been covering motorsports for 30 years. He is a six-time winner of the National Motorsports Press Association Writer of the Year Award.
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