by Lee Spencer

Still, can anyone imagine NASCAR sans Petty Enterprises?

Eddie Wood can't. His family race team, Wood Brothers Racing, has been competing against the Pettys since 1953. The families have been friends and rivals — Kyle Petty raced in the Wood's revered No. 21 Ford from 1985 to 1988.

"I don't think it would be good for the sport," Wood said. "They've been here since NASCAR started. It might not be one cornerstone removed from the foundation, but two. They're supposed to be there."

But just what happened? How did NASCAR's most famous family come to this point in their history?

On June 11, Boston Ventures, a communications-based private equity firm, announced it had purchased majority interest in Petty Enterprises and the profitable Richard Petty Driving Experience. It was the first time the Pettys incorporated an outside investor in the company founded by three-time NASCAR champ Lee Petty 60 years ago. From the start, Boston Ventures made no bones that this was a business proposition — it was nothing more than an investment.

Unlike King Richard, who won seven championships, BV would not bleed Petty blue if the sky was falling.

And Boston Ventures quickly discovered the challenges of the NASCAR sponsorship game after General Mills decided to part ways with Petty at season's end to join Richard Childress Racing next season with Clint Bowyer. As a result, former NASCAR Cup champion Bobby Labonte, one of the most popular drivers in the sport, has been in need of a sponsor ever since. The Pettys had a half-season of support from Marathon Oil for the No. 45 Dodge but that deal blew up after the season finale at Homestead. Consequently, 30 employees were dismissed.

How is it that Boston Ventures' crackerjack staff, headed by Petty CEO David Zucker — complete with a Harvard MBA — couldn't figure out the keys to success in NASCAR?

First of all, Zucker never connected with the crews in his shop. He didn't grasp the racer mentality. Without trust, a race team won't flourish. And while there's certainly a financial caste system on race teams — with the driver at the top — winning organizations understand that every person plays an integral part. There's no place for an elitist attitude in NASCAR.

Despite Zucker's previous experience in the entertainment industry at ESPN, Disney, Playboy Enterprises and Midway Games, overcoming the current economic situation in a sport that so heavily relies on funding from outside sponsors has been difficult for the most seasoned NASCAR marketers.

Two-time champion Tony Stewart, who jumped to the ownership side of Sprint Cup this season, knows all too well how complicated the support side of NASCAR can be. Stewart is close to additional sponsorship for 2008 Daytona 500 winner Ryan Newman's car for 2009, but the deal has yet to come to fruition. Even though he knows all the difficulties that result because of sponsorship, even Stewart can't fathom NASCAR without a Petty presence.

"Obviously, they're probably the biggest family name in NASCAR," Stewart said. "Obviously, it's a huge change in our sport, and I'm kind of digesting it now that I've heard about it.

"I guess it just shows you how delicate the economy is right now and how it's affecting racing."

Attempts to reach Zucker were unsuccessful. Team owner George Gillett was out of the country and could not be reached for comment. Drew Brown, GEM director of communications, said, "We're not going to comment on speculation."

What's next?

Gillett, who also owns the Liverpool soccer team and the Montreal Canadiens, has carefully excelled as an outsider acclimating to the NASCAR way. He promoted Mark McArdle from the engine shop to director of competition. McArdle is well-respected among his men and is considered pragmatic and fair. Tom Redden moved into the CEO's position in the last year and was a popular choice. Gillett has allowed his knowledgeable and savvy generals the authority to manage the race teams.

A possible scenario that could play out if this deal goes through would place Reed Sorensen, who signed with GEM in August, in the No. 43. AJ Allmendinger, who parted ways with Red Bull Racing after the Kansas Speedway race in September and drove the No. 10 GEM Dodge for the final five races of the season, would remain in that ride, according to sources. Bobby Labonte, who signed a four-year extension with the new BV regime, was given ownership as part of his benefit package. Now, it appears that Labonte could drive the No. 41 Target car for Earnhardt-Ganassi Racing.

Certainly, the possibility of losing Petty Enterprises is a heartbreaking proposition. Knowing that the No. 43 Dodge could flourish again under solid leadership offers solace, but is not much of a consolation.