Swan Racing has announced what it calls a successful restructuring of the team which involves handing over its two NASCAR Sprint Cup Series entries to be operated by other teams.
In the case of the #26 that is being driven this season by Cole Whitt, the team has been merged into BK Racing with immediate effect. Whitt will retain the drive under the new partnership arrangement.
The #30 team has been sold to John Cohen of XxxTreme Motorsports, which will operate the team going forward. However the driver of the car so far this season, Parker Kligerman, will not be moving with the team and stays at Swan Racing - albeit without a car, at least in the short term.
Instead, the #30 will henceforth be in the hands of veteran driver JJ Yeley. Stephen "Bones" Lane will serve as crew chief and be joined by several other former Swan Racing crewmembers.
"I want to first thank our employees, fans, and others in the NASCAR industry for their patience and understanding over the past several days while we work out the future of Swan Racing," said team owner Brandon Davis in a statement released by the team on Wednesday.
"As previously stated, the team is restructuring due to a lack of additional funding," he continued. "However, over the past couple weeks we worked tirelessly to find an alternative to ending operations. Fortunately, we were able to find a home for the #26 team and the #30 team.
"I am very relieved to know that the #26 and #30 teams will be in good hands and will continue to compete the remainder of the 2014 NASCAR Sprint Cup Series season," said Davis. "Most importantly, most of the team members have the opportunity to continue their employment in the sport and to support their families."
The statement said that this was the best way that the team had found to save the jobs of the crews, the drivers, and to keep those teams competing throughout the 2014 season. As for Kligerman, Davis said that he was still working hard to get the 23-year-old from Westport, Connecticut back into competition as soon as possible.
"Swan Racing is exploring any and all options to keep Parker Kligerman on track throughout the season," said Davis, promising updates on the situation as soon as they were available. "We are encouraged by the response we have received from interested parties. Parker continues to be one of the most talented young drivers in NASCAR. He brought this racing team one of its strongest results in his first race with us, and we are certain of his success in the future."
"Although it's unfortunate we are having to scale back, I look forward to the future and the exciting things that I'm confident we will accomplish at Swan Racing or with another team," said Kligerman.
"I value the relationship that I've had with Brandon Davis and am very grateful for him giving me an opportunity to compete in the NASCAR Sprint Cup Series," he added. "Whether I continue to race with Brandon and Swan Racing or end up with another team, I will always give it my all on and off track to be the best I can be."