TROY, MICHIGAN - Kmart is seeking permission from a judge to opt out of its sponsorship deal with the Daytona 500. <br>
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The discount retailer based in Troy, Michigan, says the race is an unnecessary use of its much-needed cash. The company filed for bankruptcy protection last month in Chicago. <br>
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Kmart also chose not to renew its contract to sponsor the race known for three years as the Kmart 400. Organizers say it will be called the Michigan 400 until they find a new sponsor. <br>
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Kmart also sponsors two race cars - the No. 26 Ford driven by Joe Nemechek and the No. 66 Ford driven by Todd Bodine. Both are slated to run in the upcoming Daytona 500 and the North Carolina 400.
