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GEM has merger agreement with Petty
Associated Press
FOXSports.com's Lee Spencer first reported this deal on Dec. 30.
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The team will be co-owned by Richard Petty, Petty Holdings — which is owned by majority shareholder Boston Ventures — and Gillett Evernham Motorsports. Ray Evernham, who formed his team in 1999 but sold majority interest to Canadian businessman George Gillett Jr. in 2007, will be a minority owner in the venture.
The name of the new team was not released, but it's believed the parties are leaning toward re-branding the organization Richard Petty Motorsports to capitalize on the seven-time NASCAR champion's name.
"I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," Petty said in a statement. "This was a big decision for us, but it's something we really wanted to do. We hope everyone in the sport embraces what George and I are doing."
Petty Enterprises was once one of the most dominant teams in NASCAR, as Petty won 200 Cup races and seven championships. But the team hit hard times as it fell behind in nearly every aspect of the sport, and without a merger, it wasn't clear the team could survive the current economic crisis.
A two-car operation this past season, but without sponsorship secured for the upcoming season, the team laid off most of its employees and said it would only field the No. 43 this year. Bobby Labonte announced he was leaving the team shortly after.
Given new life under the agreement with Gillett, Petty said it will be business as usual going forward.
"Nothing is going to change for me," he vowed. "I'm going to be at the track every weekend and really involved with the teams and drivers back at the shop. We are very happy. George and I have a lot of work to do, but we have a plan and we'll be ready for Daytona."
Petty Enterprises is the winningest team in NASCAR history with 268 Cup victories since 1949. But its last victory came with John Andretti in 1999, and the team lost longtime sponsor General Mills at the end of last season.
Faced with mounting economic issues, Petty sold majority interest to Boston Ventures last June, but the private equity firm couldn't stop the slide.
They then scoured the market for a partner, and found one in Gillett, who was looking to merge with a smaller team to help expand his organization to the NASCAR maximum four cars. The fourth entry is only scheduled to run eight races this year, including the non-points Budweiser Shootout, with additional events contingent on sponsorship.
"To join with Richard Petty and Petty Holdings is such an honor for me and my family," said Gillett, who also owns the NHL's Montreal Canadiens and the Liverpool soccer team in the English Premier League.
"Richard and I have gotten to know each other well over the last few years and both of us believe we have formed something that NASCAR fans will support. We plan to keep the Petty name in the forefront of NASCAR. We ask that all of the King's fans join with us.
"Our goal is to get the cowboy hat and sunglasses back in Victory Lane."
The driver lineup is not exactly clear, less than a month before teams head to Florida for the season-opening Daytona 500. Kasey Kahne is GEM's star driver, and Reed Sorenson signed on to join the team this season.
Elliott Sadler, the third driver with the organization, was reportedly told he will not drive for the team in 2009. However, sources have told FOXSports.com's Lee Spencer that he will be back.
It is unsure who will drive the fourth entry.
Member Comments
CaseyK are you serious. Nobody under 35 knows or cares about Richard or his family. You are one ignorant fool to put it mildly. Do you know how many ill kids go to his Victory Junction Camps every year. You need to show some class.
elchevonegro1/13/2009 19:27:00 PM(Report inappropriate content)
Its good to see somebody bail out the petty's, they are good people. I just hope Richard can step back and let the people who know how to run the company in the modern times, do their job. Richard is a icon in Nascar but I think he also rode his name longer than he should have, meaning he he did'nt keep up with the times which really led to the demise of his company. He was a great racer back in the day but that does'nt make him a good team owner so hopefully this new partnership will save his stake in a team. Either way he will be remembered for his driving not his buisness savy, which should be enough. He will have to ease up on the kind of sponsors he is involved with and be greatfull to still be in the mix of things thanks to Gillet. He's basically a marketing tool now. The big question is- can he accept that?
gatrdei1/13/2009 7:57:00 AM(Report inappropriate content)
last place dale, you can't even keep your sh@t straight, in the story about the gem petty merger, oyu were all for it and petty was the "king" , in this blog petty is supposedly a nothing, you make no freaking sense, i guess when you finally fill all the way up with sh@t, i does have to come out somewhere, with you i just come out of your mouth.
rcrburton311/12/2009 18:44:00 PM(Report inappropriate content)
You must really be old to remember all those people. Ask any 20 something and they have never heard of any of those people-Petty included-except maybe Jordan and that's because he is on television with underwear commercials. <br /><br />Race fans under the age of 35 don't know or care one lick about Petty.
caseykaseycasey1/12/2009 15:53:00 PM(Report inappropriate content)
Petty is just another name ????? are you kidding me ? Is Jordan just another NBA player? Is Hank Aaron just another baseball player ? was Joe Montana just another Quarterback ? That is the dumbest thing ive ever heard.. Petty is Nascar !!! even if the petty team hasnt won in 10 years.. Go to any nascar race and look at all the petty fans still in the stands.. JUST ANOTHER NAME???? YOUR JUST ANOTHER DOOCHE !!!!
LakerPride1/12/2009 11:57:00 AM(Report inappropriate content)
No 88,<br /> Everyone should care about the Petty name. I suppose you don't realize that history is what gets us here. Using the Petty name is respectful.
Jilly3581/11/2009 10:08:00 AM(Report inappropriate content)
I met Richard Petty at pocono after he came back from prostate surgery. He is a class act and he always has been. He is a gentleman and has always been a great roll model. I hope the 43 can prove itself with this new merger. GO PETTY!
pettyrules1/10/2009 23:07:00 PM(Report inappropriate content)
IT'S PETTY not Pitty<br /><br />The Petty Name has won all those races (200) Without TESTINGs or cheating and with their own motors!<br /><br />Check your history book in Nascar on that name!<br /><br />It's too bad about #43 but I'll always look up to The Petty's and wish them better luck with Reed Sorenson.<br />But they may Crash more this Year<br /><br />Oh Hell let's Go Sprint Car Racing
TheRacersEdgeNews1/10/2009 17:20:00 PM(Report inappropriate content)
I like the idea that Petty blue will still be on the track for years to come and just hope to see #43 back in the winners circle again soon.
Srooc1/9/2009 12:45:00 PM(Report inappropriate content)
All good for GEM and Petty getting hitched, but just to be clear, Gillett is not a Canadian Businesman although among his holdings is the Montreal Canadiens. I do happen to think he is a top notch guy. His other holdings include Liverpool and once held interest in the Dallas Cowboys. His lifeblood are the many car dealerships he owns in the USA. I believe he will make this right with Elliott because he has a track record of doing the right thing.
Brian_Waugh1/9/2009 9:45:00 AM(Report inappropriate content)
Said in USA Today 3 full time teams and 1 team running a minimum of 8 races depending on sponsorship. So who's gonna be the part timer?
fabman24691/9/2009 8:38:00 AM(Report inappropriate content)
I think RON FELLOWS can drive that 43<br />into the winners circle, he has shone in the<br />past that he can stay ontop of the wheel or<br />how about another formula 1 driver that has<br />won or an outLAW sprint driver like SWINDELL or Kinser these guys deserve<br />a nascar chance after all there wins with a<br />staggered racer..................
rainboys11/9/2009 8:29:00 AM(Report inappropriate content)
now driving the #19 Dodge........A.J. Sadler...........?
Redline__MAX1/9/2009 4:24:00 AM(Report inappropriate content)
I've always been a Petty fan but without Kyle driving , I will have to look for another team. Maybe Kyle hasen't been the driver that he should have been
badend1/9/2009 4:15:00 AM(Report inappropriate content)
Just glad to see RICHARD PETTY staying in na$$car, hope he has the good sence to help run the team, and leave Kyle to run the company at HOME
runwhatyabrung1/9/2009 3:58:00 AM(Report inappropriate content)
This is a hot topic now at the hot inter-racial dating club ' B l a c k W h i t e K i s s . c o m ' which is a good place for 18+ singles from each race to meet cute girls with big boobs online. This is the only site where sexy black and white girls like discussing inter-racial relationship.
missboston6171/8/2009 18:01:00 PM(Report inappropriate content)
A cucumber that has had too much to smoke...<br /><br />FriedPickle
letsro111/8/2009 17:06:00 PM(Report inappropriate content)
Blue Bell ice cream is the best in the country...<br /><br />Slams Ben and Jerrys....
letsro111/8/2009 17:05:00 PM(Report inappropriate content)
I dont know how that is a merger when Gillette has 3 teams and Petty 1.
caseykaseycasey1/8/2009 16:59:00 PM(Report inappropriate content)
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