Restructuring At Yates
September 7, 2007 | 7:27 P.M. EST
Robert Yates announced he would retire as a team owner at the end of the 2007 season.
“With this announcement it’s clear that the letter of intent with Newman/Haas/Lanigan Racing will not proceed. We’re thankful for their support and would welcome the opportunity to work with them in the future,” said Yates Racing CEO Doug Yates. “I am very excited to carry the Yates Racing heritage into the future. I believe I have the experience and understanding of the competition and business requirements that are necessary to be an effective team owner.
“My first order of business is to revamp our infrastructure into one that can field race teams that can compete successfully with the pre-eminent teams in the sport. I personally think the best business and competitive model in the sport to emulate for long-term success is that of Jack Roush and Roush Fenway Racing,” continued Doug Yates. “I have gotten to know Jack and his organization very well through our joint engine company and before I undertook this commitment I asked Jack for advice.
“I am pleased to announce that Yates Racing will have full support from Roush Fenway Racing, including hardware, engineering, marketing and operational practices,” added Doug Yates. “By the 2008 Daytona 500, Yates Racing wants to be in an elevated position where we are competing successfully against any race team in the sport.
“With David, Travis and Roush Fenway Racing, we will continue to work on finding the right sponsor partners to join our programs.”
Neither Jack Roush, Roush Fenway Racing, John Henry or Fenway Sports Group will have any ownership interest in Yates Racing.