Petty Enterprises Selling Off

By: Associated Press
By: Associated Press

Wednesday June 11, 2008
CONCORD, N.C. (AP) -- Petty Enterprises has sold majority
ownership to the equity firm of Boston Ventures. Under the deal announced Wednesday, NASCAR's most storied race team gives up control of an organization that has been family run since 1949.

Barry Baker, managing director of Boston Ventures, becomes
Petty's new chairman, and David Zucker takes over as CEO. Zucker
most recently had run Midway Games, a Chicago-based producer of
video games.

The partnership gave Petty the stability it needed to retain
Bobby Labonte, who signed a four-year contract extension after
Boston Ventures came aboard.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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