Michael Waltrip Racing takes on new investor

Michael Waltrip Racing announced today that Robert Kauffman, a founder and managing partner of Fortress Investment Group, has acquired a 50 percent stake in the team, which will now be known as Michael Waltrip Racing Holdings, LLC.

MWRH also announced the hiring of Larry Johns as its Chief Financial Officer and former Nextel Cup team owner Cal Wells III as its Executive Vice President of Operations.