Archive for the ‘Richard Petty’ Category

Richard Petty never would have negotiated further than the second sentence if there was any doubt that the Petty name would be part of the newly formed organization with Gillett Evernham Motorsports.

Richard Petty recognized that times were changing and that NASCAR teams just couldn’t be run the way they once were. He felt the need to merge with another organization, to find a way to return his Petty group to prominence.

But he had one key restriction.

Of course, I think it would have been better if Kyle Petty was also part of the organization, but it is what it is. I am still a Kyle Petty fan, more so than just a Petty fan.

I think it was pretty much a given that Richard Petty’s name was going to brand the new team. What else would they have called it? GERM?

Richard Petty’s name will remain active in NASCAR under a rebranding of the new team created by the merger of his organization with Gillett Evernham Motorsports.

The new team will be called Richard Petty Motorsports (RPM), capitalizing on the seven-time champion’s marketability.

People had doubts and a few times it looked like the deal wasn’t going to go through, but it did. Petty Enterprises is officially no more.

Richard Petty’s famed No. 43 Dodge was rescued from near ruin Thursday when Gillett Evernham Motorsports agreed to merge with Petty’s slumping organization to create a new team.

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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 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.

Richard Petty Motorsports has a nice ring to it.

We’re heard rumors that Kyle Petty was on the outs with the new investors. From the sound of it, the rumors are all true.

If you want to know what’s going down at Petty Enterprises these days, don’t ask Kyle Petty.

So says Kyle Petty, son of Richard and grandson of Lee, who founded the race organization in Level Cross, N.C., in 1949. Richard Petty is part owner of Petty Enterprises, which currently is in merger discussions with Gillett Evernham Motorsports. Petty Enterprises entered into a partnership agreement with outside investment firm Boston Ventures this past May.

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“It’s got nothing to do with me because it’s my father’s company. Me talking about it is
about like anybody else talking about it from the outside looking in.”

I know it’s all business, but it’s a shame when a family as legendary as the Petty’s end up losing their family’s legacy because a bunch of monkeys in suits wanted a piece of a financial pie. They were never in it for the sport, and that’s what sucks.

If this report is true. Today is truly a bad day for NASCAR.

Petty Enterprises is in discussions to merge its storied franchise with Gillett Evernham Motorsports, The Associated Press has learned.

Multiple people familiar with the talks told the AP that the two teams are discussing a deal that would merge Petty’s No. 43 Dodge with GEM to become a four-car operation. They requested anonymity because the negotiations are ongoing.

Petty Enterprises has been around as long as there has been NASCAR. In fact, Petty is the last organization still around that participated in the first Daytona 500.

If nothing else, this “merger” signals the slow death of the NASCAR we all knew and loved.

Mark your calendars, set your alarms. The day is fast approaching.

Seven-time Daytona 500 Champion Richard Petty, who’s father Lee won the inaugural Daytona 500 in 1959, will serve as honorary starter for the historic 50th running of the Daytona 500 on Sunday, Feb. 17.

Petty will drop the green flag at Daytona International Speedway to get the historic event underway at 3:30 p.m. ET on FOX.

So what are your plans for that day? Will you be there? Are you watching from home? Do you have a party? Many people I know, myself included, have Super Bowl parties each year. Do you throw a Daytona 500 party? I am. Oh yeah. This is the 50th. Woot! I just wish I could be there, in person.