Rusty Wallace Racing on Hiatus

Steve Wallace is now looking at an uncertain 2012 with the announcement that Rusty Wallace Racing has gone on hiatus. (Photo: Getty Images).

Officials of Rusty Wallace Racing, LLC announced Friday that the team's on-track activities will be put on hiatus.

While the NASCAR Nationwide Series team's day-to-day competition activities will temporarily cease, key elements of RWR's business staff will remain in place to continue development of future opportunities.

The organization is currently assisting driver Steve Wallace in exploring several opportunities for 2012, with backing from his current sponsors.  RWR will continue to maintain and manage those relationships on Wallace's behalf.

Michael Annett, Wallace's teammate, has been released and will pursue other opportunities with long-time family sponsor Pilot Flying J.

"This was a tough decision to make, but it was the prudent one from a number of perspectives," said team owner Rusty Wallace.  "While we had several great partners on board for 2012, we just didn't feel like we had enough sponsorship in place to accomplish all of our goals.  I promised myself and my family long ago that if the team wasn't funded to a level (at) which we were comfortable, we just wouldn't run it.  I've worked way too hard to put part of my life savings into a race team.

"So we collectively decided to take a break, regroup and focus on the future.  We'll keep working hard on sponsorship programs for Steve (Wallace) and for future seasons.  This also allows us to focus on the other aspects of our companies and our brand as well - whether it's our car dealerships, new track design projects, licensing, personal services or even something new.

"Nearly all of our current partners are staying on board with us to support Steve in 2012 and we're really grateful.  We hope to have an announcement on his plans soon.

"Most of all, I want to thank all of our employees for their hard work and dedication.  One of the hardest parts of this decision was knowing the impact that it would have on our employees and their families.  It's just the unfortunate reality that our sport is facing right now.  We wish all of our employees the very best."