Richard Petty has partnered with an investment group and purchased the share of Richard Petty Motorsports.
According to Petty, Richard Petty Motorsports signed and closed a sale of its racing assets to an investment group comprised of Richard Petty, Medallion Financial Corp. and DGB Investments.
The team had once been a remnant of Evernham Motorsports after a merger last year. Evernham had been purchased by financier George Gillett. Gillett assumed primary ownership of RPM after the merger.
That ownership ended Friday.
“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, Paralyzed Veterans of America (PVA), WIX Filters and Menards have supported me through thick and thin and I thank them from the bottom of my heart,” said Petty.
Petty will serve as Chairman and will be actively involved in overseeing day-to-day operations of the company. As previously announced, the team will operate the legendary No. 43 car driven by AJ Allmendinger and the No. 9 car driven by Marcos Ambrose.
“George and Foster Gillett deserve a great deal of credit for running a successful race team,” commented Petty. “They made a significant investment into the business and helped get back into Victory Lane. Going forward, we have put together an all-star ownership team consisting of myself, Medallion, and VeriFone CEO Doug Bergeron.”
Medallion Financial, a publicly traded investment company, has invested over $3 billion in companies since its IPO in 1996 and its board members include such notables as former New York Governor Mario Cuomo, former Connecticut Governor and Senator Lowell Weicker, and a Hank Aaron. The Murstein family is the largest shareholder in Medallion, owning approximately 20 percent.
DGB Investments is an investment vehicle of Canadian-born investor Douglas G. Bergeron, CEO of VeriFone Systems, Inc. San Jose, Calif. In 2001, Bergeron and DGB participated in the acquisition of VeriFone Systems from Hewlett-Packard in a transaction valued at $50 million. Today, VeriFone’s market value exceeds $3 billion dollars and Bergeron remains CEO and one of the largest individual shareholders.
“Our partnership with Andy Murstein and Doug Bergeron will help take us to a whole new level,” Petty said. “I could not be more excited about our future.”
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Comments
I gotta admit....I love King Richard. I've always appreciated what he stands for and legacy he created in NASCAR. With that said, I'm not sure he can actually operate a racing empire anymore. Several years ago, when money was easy to come by, Richard had his fair share of sponsor dollars and couldn't translate any of it into checkered flags. Granted, Dinger is an upcoming star, the kid can drive a car and Ambrose just needs a new seat, he'll be dependable, but the Petty's haven't been "racey" in years. I hope The King can assume the throne, but for now it's nice to see he'll at least be staying in the castle.
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