Sept. 8 (Bloomberg) -- Actor and race-team owner Paul Newman won't be moving into Nascar's top series after Robert Yates Racing dropped merger plans with Newman/Haas/Lanigan Racing.

Yates owner Robert Yates told reporters at Richmond International Raceway he will instead retire and turn the assets of the team over to his son, Doug Yates. The merger with Newman's Champ Car World Series team, announced in July at Indianapolis, won't go ahead.

The new team, to be called Yates Racing, will be allied with Roush Fenway Racing, with which it has an engine-building venture. Travis Kvapil, who drives for Roush Fenway in the Craftsman Truck series, will drive the No. 88 Ford Fusion for the team next season, Doug Yates said.

``We established a letter of intent of working towards a goal and things were just not progressing fast enough,'' Doug Yates said. ``The plan is for Yates Racing to go forward and to run two cars next year in the Sprint Cup series.''

Nascar's top series will be renamed the Sprint Cup next season.

Roush Fenway will help the team find sponsors for the coming year, Doug Yates said. The team will continue to field the No. 38 Ford Fusion for David Gilliland. Ricky Rudd, current driver of the No. 88, will retire after this season.

To contact the reporter on this story: Gene Laverty in Richmond, Virginia, at glaverty@bloomberg.net.

Last Updated: September 8, 2007 19:09 EDT