Petty Holdings and GEM Announce Agreement in Principle To Merge

Richard Petty will remain a prominent figure in the garage. However, Petty Enterprises -- a 60-year staple in the Cup Series -- has closed its doors. Gillett Evernham Motorsports and Petty Holdings announced Thursday an agreement in principle to form a new Cup team co-owned by Richard Petty, Petty Holdings and Gillett Evernham Motorsports.
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Gillett Evernham Motorsports (GEM) and Petty Holdings announced an agreement in principle to form a new NASCAR Sprint Cup team co-owned by Richard Petty, Petty Holdings, owned by majority shareholder Boston Ventures, and Gillett Evernham Motorsports.

The team will field four Dodge entries in the 2009 NASCAR Sprint Cup season. Details of the transaction are expected once the deal is closed. Petty and GEM officials anticipate a final agreement by the end of January.

Petty, a seven-time champion and owner of 200 Cup victories, said the new team secures the famed No. 43's presence in NASCAR for years to come.

"I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," said Petty.

"This was a big decision for us but it's something we really wanted to do. We hope everyone in the sport embraces what (GEM Co-owner) George (Gillett) and I are doing. 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. 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 owning 268 Cup victories since 1949. Gillett said it is a privilege to help write a new chapter in the Petty family history.

Notes:

• The new team plans to run a fourth Dodge in eight races in the 2009 season including the Budweiser Shootout with additional races contingent on sponsorship.
• Ray Evernham retains a minority ownership role with the new team.
• Richard Petty and Petty Holdings will continue to own and operate the Richard Petty Driving Experience as an independent entity.
• Key Petty employees Robbie Loomis, Dale Inman and Brian Moffitt will also have active roles with the new team.
• The new team will use the GEM race shops in Statesville, N.C. and engine shop in Concord, N.C.
  GEM and Petty sponsors will continue with the new organization.

And another storied race team becomes an absorbed entity out of our racing history.