Post by dalejrfan on Dec 7, 2005 13:28:53 GMT -5
Kodak's departure forces Penske to shut down No. 77
Penske Racing South will return to a two-car team in the Nextel Cup Series next season
The organization's No. 77 Dodge team will not return next season as it has lost its primary sponsorship from Eastman Kodak Co., sources confirmed.
An official announcement of Kodak's departure as primary sponsor is expected by the end of the week.
Several team members of the No. 77 have been reassigned to other jobs at Penske, while driver Travis Kvapil and crew chief Shane Wilson have been told they are free to explore other opportunities.
Kvapil, a rookie in 2005, had completed one year of a two-year contract with Penske. He ended the year 33rd in points, with two top-10 finishes and a career-best finish of seventh at Bristol, Tenn.
Kodak's departure is a financial one.
The company reported a third-quarter loss of $1.03 billion, mostly due to a write-off of deferred tax breaks.
Meanwhile, sales of Kodak's traditional high-profit consumer photo products dropped 28 percent from year-earlier levels, a decline that outstripped growth in sales of digital cameras and printers.
Penske will continue to operate the Nos. 2 and 12 Dodges with drivers Kurt Busch and Ryan Newman, respectively.
Busch, Newman and newcomer Billy Wease will split time in the organization's NASCAR Busch Series entry, which will run upwards of 25 races or so in 2006, sources said.
Roy McCauley, who served as crew chief for the Busch car in 2005 and won six races with Newman as the driver, is expected to move to Cup and serve as crew chief for Busch, sources said.
McCauley would replace Larry Carter, who spent the past two seasons with Rusty Wallace, who retired at the end of this season.
Penske Racing South will return to a two-car team in the Nextel Cup Series next season
The organization's No. 77 Dodge team will not return next season as it has lost its primary sponsorship from Eastman Kodak Co., sources confirmed.
An official announcement of Kodak's departure as primary sponsor is expected by the end of the week.
Several team members of the No. 77 have been reassigned to other jobs at Penske, while driver Travis Kvapil and crew chief Shane Wilson have been told they are free to explore other opportunities.
Kvapil, a rookie in 2005, had completed one year of a two-year contract with Penske. He ended the year 33rd in points, with two top-10 finishes and a career-best finish of seventh at Bristol, Tenn.
Kodak's departure is a financial one.
The company reported a third-quarter loss of $1.03 billion, mostly due to a write-off of deferred tax breaks.
Meanwhile, sales of Kodak's traditional high-profit consumer photo products dropped 28 percent from year-earlier levels, a decline that outstripped growth in sales of digital cameras and printers.
Penske will continue to operate the Nos. 2 and 12 Dodges with drivers Kurt Busch and Ryan Newman, respectively.
Busch, Newman and newcomer Billy Wease will split time in the organization's NASCAR Busch Series entry, which will run upwards of 25 races or so in 2006, sources said.
Roy McCauley, who served as crew chief for the Busch car in 2005 and won six races with Newman as the driver, is expected to move to Cup and serve as crew chief for Busch, sources said.
McCauley would replace Larry Carter, who spent the past two seasons with Rusty Wallace, who retired at the end of this season.