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Nascar and Racing

Report: Gibbs Racing Grants Tony Stewart His Release After 2008

Posted Jul 09, 2008 2:30AM By Will Brinson (RSS feed)

Filed Under: Ryan Newman, Tony Stewart, Chevrolet, Joe Gibbs Racing, NASCAR Rumors, NASCAR Sponsors

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Tony Stewart will pick up the tempo and take it on home under the hood of Joe Gibbs Racing for the final time this season, as it has been reported that the he will gain his release from his long time racing team and, in all likelihood, take off on his own.
While exploring his options, Stewart was most intrigued in potential ownership opportunities and he's had an offer on the table since April to purchase the fledgling two-car team of Haas-CNC Racing. By owning his own team, Stewart believed he could ensure a spot for himself in NASCAR long after his driving days.

But he first had to gain his release, something owner Joe Gibbs and team president J.D. Gibbs had insisted they would not agree to.

When it became clear Stewart wanted out, the Gibbs' finally relented and will apparently sign off on his early departure Wednesday. The team is expected to replace the 37-year-old Stewart, one of NASCAR's most celebrated drivers, with 18-year-old phenom Joey Logano with Home Depot staying on board as the sponsor.
It's believed that the move would free up Stewart to invest in Haas-CNC. It's also believed that Ryan Newman could join Stewart on his new team, and that he would "gut" the current staffing of the company and bring in his own people.

Stewart and Gibbs Racing have been back and forth regarding contract negotiations, but apparently the outspoken driver stood firm enough to eventually gain his release. The most obvious benefit, as noted, to Stewart getting all entrepreneurial on his next go round, is that he stands to already have a large foot in the door when he decides to step away from the wheel and move into the administrative end of racing.

Of course, all of this is expressly contingent on the announcement that will come tomorrow, and even then, Stewart will still be a "free agent" following the season until he makes his specific plans known. Although based on the report that ESPN issued in the early Wednesday a.m. hours, it is almost a certainty that Stewart joins forces with Haas.
On Thursday at Chicagoland Speedway, Stewart will formally announce a move to Haas/CNC Racing as co-owner and driver, sources close to Stewart said. Haas/CNC, which currently fields the Nos. 66 and 70 Chevrolets, will be renamed Stewart Haas Racing in 2009.

Sources close to both sides told ESPN.com the deal will make Stewart the highest-paid driver in NASCAR.

Sources also said the Stewart Haas cars will carry different numbers. The No. 14, made famous in IndyCar racing by Stewart's hero, A.J. Foyt, is available, but sources would neither confirm nor deny that as his choice.

Sources said Stewart will own a 50 percent stake in the organization, but his financial investment in attaining it was not disclosed.
So, if you believe "sources" (and why not, right?) then this deal is as good as done. But, as we've seen over the past 12 hours, things can change pretty quickly in the world of athletic contract negotiations. Still, the noise that Stewart has made over the past few months -- and the freedom a 50% stake in a smaller company would afford him -- make this seem like a pretty logical next step.

Tags: J.D.+Gibbs, J.d.Gibbs, Joe+Gibbs, JoeGibbs, Joey+Lagano, JoeyLagano, Ryan+Newman, RyanNewman, Tony+Stewart, TonyStewart

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