CHARLOTTE, N.C. -- NASCAR owner Bill Davis, struggling to keep his team afloat during a fruitless search for sponsorship, has sold majority ownership of both his race team and his engine company.
Mike Held, a California businessman, and Marty Gaunt, an executive with Bill Davis Racing, purchased majority interest from Davis. The duo said they've also taken control of Triad Racing Development, which supplied engines, chassis and bodies for all three of NASCAR's top series.
Davis, who has been in NASCAR for more than 20 years, won the 2002 Daytona 500 with Ward Burton and the Truck Series championship this season with Johnny Benson. But he lost his Cup team sponsor and has been unable to secure funding for 2009.