Michael Waltrip now a Nextel Cup owner

In NASCAR Nextel Cup, the top 35 in owner points are guaranteed spots in the race. For the first five races of the season, this is based on the previous year's owner points. Penske South Racing & Jasper Engines lost the sponsorship of the #77 so they decided to close down the team. Doug Bawel of Jasper Engines owns the #77. Michael Waltrip's #55 for Bill Davis Racing is a new team so he would have had to qualify for the first five races on time. So Waltrip has formed Waltrip-Jasper Racing with Doug Bawel to acquire the #77 owner points. It will still be a Bill Davis Racing Dodge but Waltrip is now guaranteed a starting spot in the first five races. Waltrip has had his own team for a while, mostly in the Busch Series, but this is something new for him.