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Wood Bros. close to sponsorship deal

4/1/2011 - NASCAR

CONCORD, N.C. -- The Wood Brothers are close to a sponsorship deal that will put Daytona 500 champion Trevor Bayne into the May 21 All-Star Race at Charlotte Motor Speedway.

"I think it will work," said Len Wood, one of the co-owners of the team. "There's been interest in the last 36 hours."

Wood said he should know something for sure early next week, but wouldn't identify the sponsor other than to say it was a familiar name in racing.

"We've got somebody who wants to run the race," Len Wood said.

On Tuesday, Eddie Wood said the team didn't plan to enter the non-points event without sponsorship. Len Wood said the publicity did not spark the interest from the sponsor that has stepped forward, but acknowledged a number of people want the team in the race.

Among those are Charlotte Motor Speedway, which hosts the race, and Ford, the team's manufacturer.

The Wood Brothers entered the season with money allocated to run 16 Sprint Cup Series races.

The Daytona win allowed them to add this weekend's race at Martinsville Speedway, a 30-minute drive from their original shop in Stewart, Va., and Darlington Raceway.

The organization has made it clear it would rather spend money on races that count toward the owners' points standings instead of the All-Star event, for which they qualified by winning the Daytona 500.

The No. 21 ranks 29th in owners' points heading into Sunday's race at Martinsville. The team hopes to stay in the top 35 automatic qualifiers as long as it can in case other sponsorship steps forward to add more races.

David Newton covers NASCAR for ESPN.com. He can be reached at dnewtonespn@aol.com.