Nascar’s Petty Agrees to Merge With Gillett 09/01/2009 |
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Petty Holdings, the company formed when private equity firm Boston Ventures bought a controlling stake in the family-owned Nascar team of Richard Petty, agreed to be merged with Gillett Evernham Motorsports.
Financial terms of the agreement weren’t disclosed in a statement from Statesville, North Carolina-based Gillett. The teams said they expect the merger to be completed by the end of this month.
Petty, which fielded two Dodge Chargers last season, will be part of the four-car team owned by George Gillett, who owns the National Hockey League’s Montreal Canadiens and half of Liverpool, England’s most successful soccer club. The fourth car will run at least eight races, with further outings dependent on sponsorship. No driver was named for the additional car.
“I want to get back to winning and together we will bring the resources, technology and infrastructure to do that,” Petty, 71, said in the statement. “Nothing is going to change for me. I’m going to be at the track every weekend and really involved with the teams and drivers back at the shop.”
Petty sold a majority stake in his race team and driving school to Boston Ventures in June. Petty family race teams have won 10 Nascar championships and Richard Petty has the most wins in the stock car series at 200. The team lost sponsor General Mills Inc. to rival Richard Childress Racing last season and was unable to secure full-time backing for 2009.
Gillett, who took control of the team owned by three-time Nascar champion crew chief Ray Evernham in 2007, also fields cars for Kasey Kahne and Reed Sorenson. Evernham will retain a minority stake in the team.
Elliott Sadler, who drove the No. 19 Charger for the team last season, said in court documents filed in North Carolina last week he was being replaced by A.J. Allmendinger in that car this season, the Charlotte Observer reported. Sadler said he may sue Gillett for breaching the two years remaining on his contract.
(Source: Bloomberg)
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