Petty Nearing A Deal To Complete NASCAR Merger

By: Associated Press
By: Associated Press

Thursday Jan. 9, 2009
CHARLOTTE, N.C. (AP) -- Gillett Evernham Motorsports has reached a merger agreement with Petty Enterprises, creating a four-car team that will ensure the famed No. 43 races in 2009.

The two teams agreed in principle Thursday, but said details of the transaction will not be released until the deal is finalized over the next month. The team will be co-owned by Richard Petty, Petty Holdings -- which is owned by majority shareholder Boston Ventures -- and Gillett Evernham Motorsports.

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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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