Report: Gibbs leaving Chevy for Toyota

tkj24

tkj24

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Report: Gibbs leaving Chevy for Toyota

HUNTERSVILLE, N.C. (AP) - Joe Gibbs Racing has scheduled a news conference for Wednesday and several published reports say the team will announce it has signed a deal to field Toyotas in the Nextel Cup series.

The reports, citing unidentified sources, said JGR will end its 16-year relationship with General Motors and give Toyota its first big name team in Cup.
Team officials refused comment on the report Thursday but did confirm the news conference and that drivers Tony Stewart and Denny Hamlin are expected to be at the announcement.

"That is not something we can talk about," Les Unger, Toyota's motorsports manager, said Thursday. "Anything on this subject at this point needs to come from the team."

The Gibbs team has worked with GM since 1992, competing first with Pontiacs and then with Chevrolets. Stewart has won two Cup titles during that period, while former team driver Bobby Labonte also won a title for Gibbs.

A GM spokesman said the company would have no comment other than to say that it never discloses details of ongoing negotiations with its teams.

Gibbs will field three Cup cars next year, including one for Kyle Busch, who is leaving Hendrick Motorsports at the end of the 2007 season. Busch recently agreed to a three-year contract with Gibbs.

Stewart is signed through 2009, but JGR president J.D. Gibbs said the team is hoping to sign him to an extension. Hamlin is under contract with the team through 2010 and is also working on an extension.

Toyota, which has competed and had some success in the Craftsman Truck Series for several years, moved into both the Cup and Busch series' this season. But the company failed to sign with any of the existing top teams and its entries have struggled just to qualify for the races and have come up with only a handful of top-10 finishes.
 
My understanding is that Tony may have power of veto and could be holding up the deal . Does anyone have info on this.

Tony's Chevrolet deal includes Midget, Sprint, Silver Crown, WoO (both disciplines), late model (asphalt and dirt), and safety car/trucks at Eldora.
 
This is a big mistake...I don't understand why they would leave Chevrolet when they've had the success they've had.
 
netzero-ward said:
This is a big mistake...I don't understand why they would leave Chevrolet when they've had the success they've had.
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Possibly "greed".

I got greedy once in the stock market and lost most of my money when the internet bubble burst...........
 
Could money be a factor here?

Maybe Toyota is throwing a load of money at Gibbs.

Money is a big incentive.
 
now we get to see if MWR is the problem or toyota, I really think we know the answer to that ?
 
Kyle Busch confirmed that he has been told that Joe Gibbs Racing will race Toyotas next season. Busch said he is comfortable with the switch, which is expected to be announced next week by the team. Mark Cronquist, the team's head engine builder, is expected to spearhead the work on the engine.
 
So now Kyle Busch is the spokesperson for JGR? His big mouth just continues to cause trouble. :mad:
 
kat2220 said:
So now Kyle Busch is the spokesperson for JGR? His big mouth just continues to cause trouble. :mad:
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Kat that is what I was thinking. They ain't going to like that because they have a press conference scheduled.
 
But just like the Tech-stocks bust of 2000, if you had left your money alone, you'd have more $ today than 2000. It's when you invest, freak out that we're not winning every week and then pull out that you lose. That's the diff between gambling and investing.

If Gibbs is looking long term, they'll be fine. If they are only looking at Daytona 08, they're screwed.

But I'm guessing they're looking a little further down the road than just '08.

No doubt the first Toyota champion will be a Gibbs car. Good long-term investment.
 
vanzetti said:
But just like the Tech-stocks bust of 2000, if you had left your money alone, you'd have more $ today than 2000. It's when you invest, freak out that we're not winning every week and then pull out that you lose. That's the diff between gambling and investing.
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Not so. Only if you had invested in the Nasdaq as a whole. Not when investing in individual stocks. Very few of the Tech stocks are "anywhere near" where they were when the "bubble burst". Even the biggies:

Cisco......peaked around $80 a share.......now at $30 a share...it would have to appreciate 166% to get back to where it was

Intel.......peaked around $75 a share......now at $25 a share....it would have to appreciate 200% to get back where it was.

CMGI .....peaked around $160 a share...now at $1.56 a share...it would have to appreciate, well lets say a whole bunch
 
muggle not said:
Not so. Only if you had invested in the Nasdaq as a whole. Not when investing in individual stocks. Very few of the Tech stocks are "anywhere near" where they were when the "bubble burst". Even the biggies:

Cisco......peaked around $80 a share.......now at $30 a share...it would have to appreciate 166% to get back to where it was

Intel.......peaked around $75 a share......now at $25 a share....it would have to appreciate 200% to get back where it was.

CMGI .....peaked around $160 a share...now at $1.56 a share...it would have to appreciate, well lets say a whole bunch
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And Google's like $500 a share :XXROFL:

I told my dad when that stock open (I wasn't old enough to play the market) to get his hands on at least 50 shares when they were $10.00/share. He'd be loaded now!
 
AndyMarquisLIVE said:
And Google's like $500 a share :XXROFL:

I told my dad when that stock open (I wasn't old enough to play the market) to get his hands on at least 50 shares when they were $10.00/share. He'd be loaded now!
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Google didn't even exist when the Internet stocks were flying high, they are a late comer.
Only qualified people were permitted to buy Google at the IPO price, but those that bought even after Google hit the market made out well.
 
Really what is the big deal here? For the most part the only difference here is going to be an engine. The chassis and bodies will carry over with some different decals. JGR was playing 2nd maybe even 3rd fiddle in the Chevrolet camp. At Toyota they will be #1 with a TON of technology and equipment at their disposal. Toyota is right there on the edge of consistent success and JGR is there to push them over.
 
Now it is reported that a majority interest in HOF Racing has been sold and that they will use whatever equipment JGR uses.

From Jayski
Baseball Execs Buy Majority of Hall of Fame Racing: Two executives with the Arizona Diamondbacks have purchased majority interest in the team owned by Troy Aikman and Roger Staubach. Jeff Moorad, chief executive officer of the Diamondbacks, and Tom Garfinkel, the chief operating officer, will be introduced as the controlling owners of Hall of Fame Racing Sunday at California Speedway, two people familiar with the deal told the AP. The original ownership group, including Aikman and Staubach, will remain involved as minority owners. But Moorad, who is part of the Diamondbacks ownership group, and Garfinkel will have controlling interest. Garfinkel has vast racing experience through his previous role as executive vice president of Chip Ganassi Racing. Moorad founded his own management company in 1983, and has represented athletes such as Manny Ramirez, Will Clark, Steve Young, Warren Moon, and Aikman. It was that previous relationship with Aikman that led the executives to Hall of Fame Racing when they began looking for a team to purchase. Hall of Fame Racing has a close alliance with Joe Gibbs Racing, and that's not expected to change with the sale. Gibbs currently fields Chevy, but is expected to announce next week that it is switching to Toyota. Although aspects of the Hall of Fame sale are still being discussed, sources told the AP the team will use the same manufacturer that Gibbs does next season.(USA Today/Associated Press)(9-2-2007)
 
TexasRaceLady said:
Now it is reported that a majority interest in HOF Racing has been sold and that they will use whatever equipment JGR uses.

From Jayski
Baseball Execs Buy Majority of Hall of Fame Racing: Two executives with the Arizona Diamondbacks have purchased majority interest in the team owned by Troy Aikman and Roger Staubach. Jeff Moorad, chief executive officer of the Diamondbacks, and Tom Garfinkel, the chief operating officer, will be introduced as the controlling owners of Hall of Fame Racing Sunday at California Speedway, two people familiar with the deal told the AP. The original ownership group, including Aikman and Staubach, will remain involved as minority owners. But Moorad, who is part of the Diamondbacks ownership group, and Garfinkel will have controlling interest. Garfinkel has vast racing experience through his previous role as executive vice president of Chip Ganassi Racing. Moorad founded his own management company in 1983, and has represented athletes such as Manny Ramirez, Will Clark, Steve Young, Warren Moon, and Aikman. It was that previous relationship with Aikman that led the executives to Hall of Fame Racing when they began looking for a team to purchase. Hall of Fame Racing has a close alliance with Joe Gibbs Racing, and that's not expected to change with the sale. Gibbs currently fields Chevy, but is expected to announce next week that it is switching to Toyota. Although aspects of the Hall of Fame sale are still being discussed, sources told the AP the team will use the same manufacturer that Gibbs does next season.(USA Today/Associated Press)(9-2-2007)
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Good buy the stuff....you still have to know what to do with it!
 
Toyota need to make a move like this to compete with the others. They are looking as bad as ESPNs race coverage.
 
WNY24Fan said:
:XXROFL: :XXROFL:
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Hmm i seem to remember when Dodge made their way into the CTS that they had a hard time the first year. Toyota hasn't experienced huge success at the Cup level yet, but look what they have done in the Truck series already! By getting Gibbs on board it was a very savy business investment, not only do they get some of the best drivers, they also get very wise engineers behind the cars that make Tony and his gang go fast. i think this will make Chevy and Ford teams work harder, i'm not sure about the Dodge boys though i get the feeling that factory support is diminshing. Like it or not Toyota wants to win soon at the Cup level and be a major contender for a Championship. They have made a huge step in securring that by landing Gibbs.
 
majestyx said:
Please, do tell................................
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The press release said Gibbs was with Pontiac first, then switched the Chevy. That is wrong. Gibbs was with Chevy until 95 or 96, switched to Pontiac, then back to Chevy in 2003. I'm a Pontiac guy, I guess I'm the only one that would have noticed that error. :D
 
MRM said:
The press release said Gibbs was with Pontiac first, then switched the Chevy. That is wrong. Gibbs was with Chevy until 95 or 96, switched to Pontiac, then back to Chevy in 2003. I'm a Pontiac guy, I guess I'm the only one that would have noticed that error. :D
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Yeah, but when you look at the number of wins Gibbs had running a Pontiac maybe it wasn't an error... :D
 
Gibbs indicates team has not signed with Toyota
FONTANA, Calif. - Joe Gibbs Racing President J.D. Gibbs indicated his team had not signed an agreement with manufacturer Toyota and would not confirm that a Sept. 5 news conference has been scheduled with the pair. JGR driver Tony Stewart indicated earlier this week that news conference would happen.

"I hate the fact that I can't say, 'Hey, here's the deal and this is what is going on,' but the reality of it is we're still in the process," Gibbs said Sept. 2 at California Speedway.

And what about incoming driver Kyle Busch's comments that he's been told that he will drive a Toyota next year? Busch is replacing J.J. Yeley in the team's No. 18 next season.

"God bless Kyle - he's going to fit right in with the rest of my guys," Gibbs said about his stable of outspoken drivers. "I can't really comment which direction we're going into at this point."

As far as possible extensions for drivers Denny Hamlin and Stewart, Gibbs said he is still working on those. Both of those drivers have contracts through 2009.

"We are working on something with Denny," Gibbs said. "We're not ready to announce it yet, but I think we're pretty close. We're working with Tony, same thing - we're not ready to announce and it's a work in progress there."

JGR has competed with General Motors since the team's inception in 1992.
 
MRM said:
The press release said Gibbs was with Pontiac first, then switched the Chevy. That is wrong. Gibbs was with Chevy until 95 or 96, switched to Pontiac, then back to Chevy in 2003. I'm a Pontiac guy, I guess I'm the only one that would have noticed that error. :D
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The 1997 season is the year they came out in Pontiac. As far as the switch back to Chevy, I think they had inside info of Pontiacs intentions and made the move first. If you recall, Pontiac didn't give the teams much notice that they were pulling out and there'd be no more support for Pontiac teams.
 
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