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Buddy Rice out for Schmidt in Indy 500

Updated: May 15, 2013, 5:40 PM ET
Associated Press

INDIANAPOLIS -- Sam Schmidt, owner of Sam Schmidt Motorsports, said he respects Buddy Rice's decision not to drive his team's third car to try and qualify for the Indianapolis 500.

Time is running out to find a replacement.

Rice, the 2004 Indy 500 winner, was set to join Simon Pagenaud and Tristan Vautier as Schmidt's drivers in qualifying on Saturday, but he chose not to compete.

"It was a joint decision," Schmidt said Wednesday in his garage. "I was looking for funding, he ...

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