Joe Gibbs Racing has scheduled a news conference for Wednesday and several published reports say the team will announce it has signed a deal to field Toyotas in the Nextel Cup series.
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Trackhouse Racing said the singer is a co-owner but gave no details about the size of his share in the team or what his role with the team will be.
The company, which has sponsored the Cup Series for the last two years, signed a one-year extension that runs through 2019.
Elliott won the award Thursday night after Dale Earnhardt Jr. had won it for 15 consecutive seasons.
