Seven-time NASCAR champion, Richard Petty, has regained control of day to day operations and will serve as Chairman at the new Richard Petty Motorsports.
The racing organization that found itself in financial distress has signed and closed a sale of it’s racing assets. Richard Petty Motorsports will now be owned by an investment group comprised of Richard Petty, Medallion Financial Corp. and DGB Investments.
The team will continue to operate out of the Concord shop with the famous No. 43 being driven by AJ Allmendinger and the No. 9 car being driven by Marcos Ambrose.
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[/media-credit]Petty said, “Today is a great day for me, my family, our fans, and our wonderful sponsors, Ford, Stanley Tools, Best Buy, Valvoline, Reynolds, Air Force, Super 8, PVA, Wix Filters and Menards have supported me through thick and thin and I thank them from the bottom of my heart.”
Petty gave credit to George Gillett and his son, Foster Gillett, for running a successful team and their significant investment that helped get them to Victory Lane.
Andrew Murstein, President of Medallion Financial, stated, “We could not be happier to be able to acquire these assets together. Richard Petty is one of the greatest names, not only in NASCAR, but in all sports. His name and image are a world recognized brand with unlimited potential to grow and expand in racing. Ample working capital has been invested in the company to insure this great team and legend will not only continue to perform, but will thrive and be back in the winner’s circle.”
Douglas Bergeron of DGB Investments commented, “With Richard Petty’s unmatched name and reputation in the motorsports industry, I know this investment is well-timed to succeed. We are going to help put Richard Petty Motorsports back in Victory Lane.”
Petty concluded, “Our partnership with Andy Murstein and Doug Bergeron will help take us to a whole new level and I could not be more excited about our future.”
