By JENNA FRYER
CHARLOTTE, N.C. (AP) — Paul Menard is heading to Yates Racing at the end of the season in a switch certain to hurt Dale Earnhardt Inc. DEI is losing both a driver and a sponsor at a time when a bleak economic outlook has made funding difficult.
The decision was reported by The Associated Press on Monday night and was announced Tuesday.
Menard is winless through two Sprint Cup seasons driving the No. 15 for DEI. He's 28th in the standings with one pole and a season-best finish of 11th at Michigan in June.
He called it a "great opportunity" at Yates, where his sponsorship will come from his father's hardware chain. Menard pointed to the success of owner Doug Yates and the Ford Motor Company.
"They've created a lot of horsepower and hoisted quite a few trophies over the years," he said in a statement. "I'd like to help continue that for both of them."
He's joining a Yates team that was once among the best in NASCAR, but is now slowly rebuilding with help from Roush Fenway Racing. David Gilliland and Travis Kvapil currently drive for the two-car team, and former Roush executive Max Jones moved over to Yates as general manager.
Menard moves to Yates....
Dale Earnhardt Inc. is not for sale -- right now.
DEI president Max Siegel on Tuesday refuted an Internet report that company owner Teresa Earnhardt had commissioned investment banking firm Bear, Stearns & Co. Inc. to locate a buyer or financial investment partner.
"We have not engaged Bear, Stearns or Goldman Sachs or anyone else," Siegel said. "We are contacted all the time by outside firms about getting involved in the sport.
"We are not for sale right now. Nothing is imminent."
DEI says it is not presently seeking buyer....
