UPDATE 2:

The decision against hiring J.J. Yeley to drive the No. 88 Ford by Newman/Haas/Lanigan Racing executives was really all Doug Yates needed to see. It wasn’t a deal breaker, per se, but from his estimation was a stark indicator of the commitment level of his new partners.

Yates really liked Yeley, and felt he was a talented and quite marketable young man. But Newman/Haas/Lanigan dragged its feet, prompting Yates to change direction toward an alignment with Roush Fenway Racing.

“All three of those guys are great people. We had good intentions,” Yates said of team owners Paul Newman, Carl Haas and Mike Lanigan. “The deal was a handshake deal and a letter of intent, and there wasn’t enough commitment there.

“Some things came about that we really needed to make decisions on and nobody would move on it. In this sport windows of opportunity open and close quickly, and some key ones came and went and it just wasn’t moving fast enough.

“Drivers are very important in this sport. The driver and the sponsor are connected. That was one of the milestones that came and went and shouldn’t have. I’m looking ahead, though. Everything works out for a reason — and the last thing we want to do is do any harm with [Newman/Haas/Lanigan], but the fact of the matter is it was time to make something happen. That’s when I talked to my dad and decided to move this thing in a different direction.”

ESPN.com

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UPDATE:

Newman/Haas/Lanigan Racing, LLC was excited about its future plans with Robert Yates Racing and were quite surprised by the announcement of Robert Yates’ retirement from racing and handing the team over to his son Doug. We wish Robert the very best in his retirement. At this time we are continuing to explore several exciting opportunities for the 2008 NASCAR season.

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Doug Yates announced he will field two NASCAR Sprint Cup Series (NSCS) teams in 2008 with drivers #38-David Gilliland and #88-Travis Kvapil. These teams will be operated under a company called “Yates Racing” which has agreed to acquire operating assets from Robert Yates Racing, including the transfer of car numbers and owner points. The transaction will be effective December 1, 2007.

“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, 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, 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.

[Yates Racing PR]