CONCORD, N.C. (AP) - Michael Waltrip said farewell to Dale Jarrett on Friday, then introduced a partner who he believes will help his fledgling race team become competitive.

The 50-year-old Jarrett will run just seven races in 2008 - the first five points events, the All-Star race and the season-opening exhibition event at Daytona - before turning the No. 44 Toyota over to David Reutimann.

''It's been a difficult decision, but we knew this time was coming,'' Jarrett said. ''With the things that transpired this year, it showed me we are ready to do this.''

A three-time Daytona 500 winner and the 1999 Cup champion, Jarrett signed a two-year contract with Michael Waltrip Racing with the intention of helping Waltrip launch his three-car organization. But the team struggled out of the gate, and the on-track difficulties led Jarrett to ask MWR and sponsor UPS to figure out a plan that would ease him out of the driver's seat.

Several ideas were broached before Jarrett, who made his Cup debut in 1984, decided to run the season-opening exhibition race at Daytona International Speedway, the first five races and the non-points All-Star event at Lowe's Motor Speedway.

''I have nothing else to prove in this sport,'' he said. ''I'm very fortunate, very honored, that I've had this opportunity for so long.''

He joined MWR amid much fanfare, as the team lured him away from Robert Yates Racing to help with the launch. But the team has struggled to make races and Jarrett, Waltrip and Reutimann have failed to crack the top 35 in points needed to earn an automatic berth in the field each week.

Jarrett has missed 10 of 30 races this season, and failed to qualify for Saturday night's event at Lowe's. He's 41st in the standings, and his 22nd-place finish in the Daytona 500 is his best result of the year.

Waltrip thanked Jarrett for suffering through this season.

''When we knew Dale was coming, I just thought it brought us instant credibility,'' Waltrip said. ''I want to thank Dale for putting us on the map. And I want to apologize to him and David for not having the team that they needed at the start of the season.''

In recognizing the shortcomings of his race team, Waltrip began listening to offers from potential investors who could give him the cash he needs to make his organization stronger.

Waltrip settled on Robert Kauffman, a founder and managing partner in Fortress Investment Group, which is listed on the New York Stock Exchange. Kauffman said he made a personal investment to purchase 50 percent of the newly formed Michael Waltrip Racing Holdings LLC.

''In the past 18 months, it is amazing what our small group has been able to accomplish,'' Waltrip said. ''We did what no one else has ever tried, forming three Cup teams with a new manufacturer, and we've made it through the toughest time.

''Now I have a business partner in Rob Kauffman who is as passionate as I am to make this team successful.''

Waltrip also added former Cup team owner Cal Wells as executive vice president of operations, and Larry Johns as chief financial officer. He also recently hired Dr. Eric Warren as technical director.

''This gives me, my employees and my sponsors the confidence that our product will continue to improve and that Michael Waltrip Racing is a company that will be successful for a long time to come,'' Waltrip said.

The team still must figure out what it's going to do with its third car, the No. 00 Toyota that Reutimann has driven this season. Reutimann will drive it for the first five races next season before moving into the No. 44 with sponsor UPS.

MWR general manager Ty Norris said the car doesn't have full sponsorship for 2008 yet, but the team is committed to fielding it for the entire 36-race schedule.

The plan for now is to use MWR development driver Josh Wise and Michael McDowell, who has been racing in the ARCA Series, in that car.

''We've got a lot of time to figure out if those guys are ready,'' Norris said. ''We'll test them and try to get them up to speed and see if we can't use them in that car next year. If they aren't ready, we've got plenty of time to find a driver from the (free agents) who are still available.

''Since David is going to run the first five races, we could conceivably wait until the sixth race of the year to figure out what we're going to do with that car.''

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