UPDATE:

Robert Yates announced his intention to retire as President of Robert Yates Racing following the last race of the 2007 Nextel Cup season. Certain facets of Robert Yates Racing are being transferred to a new company presided over by Doug Yates. The new entity will be called Yates Racing. Robert Yates Racing will continue with its joint ownership of Roush Yates Racing Engines as well as other ventures.

“As many of you know I announced at the Brickyard, earlier this year, my decision to enter into a partnership with Newman/Haas/Lanigan Racing”, said Robert Yates. “The goal of this partnership was to build a team to contend for the championship. The more I thought about it the more I realized instead this was the perfect opportunity for me to pass the torch to the next generation. I don’t know how to express my gratitude to the Newman/Haas/Lanigan group for their support and belief we could get to the top. I’m closing this chapter of my life, and I cannot wait to see what is in store for me next. Carolyn and I look forward to watching Doug build Yates Racing into a championship caliber team”.

Since Robert Yates Racing was formed, the now two-car Cup team has posted 57 victories and 48 poles in addition to winning the 1999 NASCAR championship with Dale Jarrett. Current Nextel Cup drivers Ricky Rudd and David Gilliland pilot the No. 88 and No. 38 Ford Fusion’s, respectively. On February 11, 2007 at Daytona International Speedway, both of Robert Yates cars qualified on the front row for the Daytona 500. David Gilliland qualified on the pole with Ricky Rudd was alongside in second. Robert Yates Racing also fields the #90 Ford Fusion driven by Stephen Leicht in the NASCAR Busch Series. Drivers such as Davey Allison, Ernie Irvan, Dale Jarrett, Ricky Rudd, Kenny Irwin, and Elliott Sadler have driven for RYR.

[Robert Yates Racing PR]

————————————————

Robert Yates Racing is expected to announce a management structure change Friday night that, according to multiple sources close to the situation, will include team owner Robert Yates’ retirement. Those same sources say that Travis Kvapil, current driver of Roush Fenway Racing’s #6 Ford in the Craftsman Truck Series, will replace Ricky Rudd in the #88 Ford for the 2008 Sprint Cup season.

Sources said Doug Yates, Robert’s son and the president of the team, will assume the ownership role and preside over the company. Sources also said that Roush Fenway Racing will provide full support to Yates, including licensing, marketing and engineering.

It was unknown how this might affect the recently-announced partnership between open wheel team Newman/Haas/Lannigan Racing and Yates. Robert Yates has been a Cup Series owner since 1989. During that time he has established himself as the premier engine builder at NASCAR’s highest level and has collected 57 victories.

ESPN.com