FoxSports.com is reporting the Rusty Wallace Inc will shutdown its Nationwide Series team due to a lack of funding. Officially, the team is on “hiatus.”
The team had sponsorship to run the No. 62 of Michael Annett from Pilot Travel Centers, but it was unable to secure significant sponsorship to run the No. 66 of Steve Wallace. Annett has been released to pursue other opportunities.
RWI will continue to operate, assisting Steve Wallace in his pursuit of other opportunities in his racing career. RWR will also maintain and manage sponsor relationships on Steve Wallace’s behalf.
Team owner Rusty Wallace said:
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 (Wallace) 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.