Money Woes Slow Swan Racing

Swan Racing might not be able to compete at Richmond, having let go a number of employees last week, and the team is in the process of figuring out next steps, according to published reports.

"Swan Racing is in the process of reviewing its current situation and the ability to continue to compete in the NASCAR Sprint Cup Series, the team said in a release. "The team has been unable to secure the kind of sponsorship required to effectively operate. As a result, the team management is exploring every available option. We hope to be in position to provide a detailed update in the near future."

Team spokesperson Ramsey Poston told Motorsport.com that Swan is assessing its current situation. Other sources familiar with the situation said it's unlikely that Swan will field more than one car -- if any -- for the Apr. 25-26 NASCAR events at Richmond International Raceway.

Swan Racing released a number of employees Thursday. Team employees were reportedly informed then that the team is suspending operations, and many of them are already seeking employment with other teams. Sources say there is a possibility that Whitt's team could be absorbed into the existing BK Racing operation, if Swan Racing is unable to continue.(Hat-tip to Godfather Motorsports).

Swan Racing co-owner Anthony Marlowe tweeted on Thursday afternoon: "My mission is to ensure @ColeWhitt races in every #NASCAR Sprint Cup event this season." What that means for Parker Kligerman is unclear.

More updates as they come.