In what could turn out to be one of the oddest pairings in the history of American stock car racing, Richard Petty Motorsports’ primary shareholder George Gillett Tuesday signed an ‘exclusive commercial collaboration’ agreement for his stake in the team to Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Royal Family.
The agreement signed Tuesday forms a partnership that will see the development of a NASCAR racing circuit and Richard Petty racing schools in the Saudi Kingdom and elsewhere in the Middle East.
“The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal,” said Gillett after the signing.
According to many however the agreement signed Tuesday is the first step to Gillett selling his stake in the team.
As the two were publicly confirming the agreement, behind the scenes, Gillett and Prince Faisal acting on behalf of the Saudi sports investment group F6 he chairs, have begun a process of ‘due diligence’, the examination of financial records, with the goal being that Gillett would be bought out by the end of the year.
“The memorandum of understanding with the George Gillett group will establish an exclusive partnership between F6 group, Liverpool FC and Richard Petty Motorsports team," an F6 statement read.
The primary deal in the works actually centers on British football club Liverpool that Gillett owns a 50 percent stake in, but the deal would also include Richard Petty Motorsports. As for the British football club, Gillett couldn’t act independently of co-owner Tom Hicks and sell his 50 percent stake without the permission of the Texan. However, Hicks would be willing to allow 25 percent of the club to be sold, an executive familiar with the situation said on Sunday.
The Prince was at Anfield Stadium in England on Saturday as a guest Gillett, who confirmed that he has secured funding from the Saudi prince for his NASCAR team and an agreement to build Liverpool-branded football academies in the Middle East.
“George Gillett is at the helm of some of the most powerful and celebrated sports brands in the world,” the Prince said. “F6 is energized about the strategic partnership with his groups and seeks to lead the way with our investment partners in identifying the brands, personalities, facilities, and media that will catalyze the evolution of sporting experiences in the Kingdom and beyond, thereby introducing thousands of quality employment opportunities within Saudi Arabia.”
The entire deal is reportedly worth up to $560 million.
Gillett entered NASCAR when he became a primary shareholder in the team once known as Evernham Motorsports in 2007. The name was changed to Gillett-Evernham Motorsports. In January of this year, GEM merged with Petty Enterprises to form Richard Petty Motorsports.
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Comments
I think it's time for the King to get out of this mess. There is absolutely nothing less American than the Saudis getting involved in NASCAR. I'm hoping Richard Petty can come to his senses and get out of this deal before it's too late. I'm thinkin if Gillett, who seems to be a smart business man, is getting out of NASCAR, maybe The King should read the writing on the wall. It's a shame that the Petty name is not as prominant in racing these days. However, if you can't stay competitive and become irrelevant in the sport you are easily forgotten. Do I need to give examples? I hope the King can get a different gig for 2010 and beyond.
I don't think Richard Petty has any idea what is going on. Kyle Petty needs to come get him, and put him in a rocking chair..tie him up if necessary. Gillett is using him like a fool, people are making fun of him. He deserves better than his new nickname "All hat and no cattle".
One has to wonder what this might or might not do to the Yates pending deal.
Time for teams to start courting Kahne, maybe even the Kahne/Francis duo... no doubt, he will be heading somewhere else for 2011.
If RNN(Red Neck Nation), had a hard time with the (not so)foreign automakers getting into NASCAR(Toyota), I can't see how they can get their heads around the fact that there will Middle East influences in their favorite sport!
You know, at 1st I was excited to know that Yates Racing was merging with RPM and that maybe just maybe the 28 would be resurected once again. Now I hope the 28 stays in moth balls because Daveys memory doesnt need to be soiled by this mess! The 1st thing Petty ought to do when he meets the Saudi "PRINCESS" is to tell him to lower the price of OIL! All that money he is giving to Gillett is from YOU GUESSED IT US! Those BASTARDS live like Kings and Queens over there becuase of oure money! I talked to a servicemne that was over in Saudi Arabia and he said all you saw for vehicles were Mercedes Bmw's ETC! There aint a broke one among them! Send there kids to college over here with oure money! NASCAR has finally put the nail in the coffin so to speak. Racing will never be the same. Give me 20 years ago when things were good and we didnt have a CLOSET MUSLIUM for President and the country had more sense than to question Capitalism!
i believe its the photo of the handshake that finnaly has finnaly ended the connect to NASCAR as we have for known it, it started the day the number 3 came to rest in turn four at daytona.
I AGREE THE NUMBER 28 WITH DAVEY NEEDS TO STAY IN OUR HEARTS AND MINDS NOT ON THE TRACK, THE TRACK AND SURRONDINGS ARE NOT THE SAME AS BACK THEN.
The President is not a closet Muslim. He just isn't. His white grandparents, that pretty much raised him by all accounts, were Christian. Disagree with his policies all day long. I support that 100%. Just don't forward falsehoods that were developed to foster fear and hate. I still want to believe we all can be better than that. ps - Racing hasn't been the same to me since Cale Yarborough retired. And I miss Davey too.
And one other thing, and I swear I am not being snarky about this, but high oil prices (and by connection, gas prices) are very much tied to Capitalism. No doubt the Saudis are getting rich off of us, but so are LOTS of white, Christian, American, Capitalist oil company execs, that also drive Mercedes and BMW's and, I would argue, care about you as a person as little as Prince Al Saud does. And they have just as big a hand in keeping gas prices high. I think Capitalism is a great system if it was always practiced by people with morality and care for their fellow man as well as an eye for profit. I'd rather be in a Capitalist country than not, but it does have it's downside too. ps - I miss having guys like JD McDuffie and Buddy Arrington on the track as well. Those old independents just seemed to have more character than current start and park teams.
Hope this means Petty stays with Dodge
This is just another filthy-rich Saudi sheikh throwing his money around on racing, be it horse racing or auto racing. Nothing to see here folks, move along.
Although, I must admit that Saudi Arabia - NOT Kentucky - is the motherland of all race horses.
Neal I respect your opinion and glad we can still have one in this (Turning Socialist Country) sad to say but Obama is a closet Muslium. He didnt have a National Day of Prayer were preachers come to the White House and they have breakfast and talk to the President. But he did however have a National Muslium day of Prayer I think its called last week. So what does that say about him? I dont like him, I dont like his way of running things and I dont like Cap and Trade and telling me what I can and cant do. He has mocked the Bible so I dont see him being Christian and his mother put in in Wican schools in Ca! He also had Muslium friends and I dont mean the peaceful kind either. Bill Aires (Piece of GARBAGE) is a friend of his. ACORN are friends of his. He has more ties to terrisot and crooks than Clinton had and thats doing something to 1 up the Clintons! He is bad for this country and aint no good gonna come from him.
davy29car said - "I talked to a servicemne that was over in Saudi Arabia and he said all you saw for vehicles were Mercedes Bmw's ETC! There aint a broke one among them!"
Really, then that "serviceman" was either misinformed, or a liar.
I've been stationed all over the MidEast, and in Saudi Arabia the predominate car driven is the Ford Crown Vic, preferably white because of the heat.
Secondly according to the Saudi American Bank, 20 percent of Saudi men between the ages of 20 and 29 had no paid work.
Does THAT sound rich to you?
oh and btw davy28car - this is nonsense: "But he did however have a National Muslium day of Prayer I think its called last week. So what does that say about him?"
Better question, what does it say about you that you assign the day to anything obama did?
The day was organized by individual citizens that had ZERO to do with the Gov, the pres, or the any Gov. agency.
You fail to believe me, prove otherwise.
I'm already half way out the door where nas$car is concerned. If a Saudi prince gets in to mix, I'm gone. Nero France's recent actions tell me, "don't let the door hit you in the arse."
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