Toyota to slash Waltrip’s budget

UPDATE This rumor is downgraded to 'speculation' as Michael Waltrip Racing's Ty Norris said there was absolutely no morsel of truth to the rumor about MWR scaling back to two teams or Dale Jarrett leaving. Meanwhile we hear that Red Bull may not only be in talks with Chevy, but Ford as well, and may actually "partner" with a high profile, existing powerhouse team with either one of these two manufacturers.

08/07/07 Toyota is rumored to be slashing the budget for Michael Waltrip Racing in 2008 forcing it to reduce from a three-car team to a two-car team. The money is rumored to be shifting to the soon to be announced Joe Gibb's Racing 3-car effort of Kyle Busch, Tony Stewart and Denny Hamlin. Look for Dale Jarrett to retire and Waltrip's team to run just Michael Waltrip and David Reutimann.

Meanwhile UPS is said to be unhappy with Waltrip's team and are shopping their sponsorship to other teams.