The King Hands Over The Keys To Petty Enterprises

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CONCORD, N.C. (AP) - The wave of outside investors continues to
wash over NASCAR.
A private equity firm has taken over Petty Enterprises. Although
Richard Petty says he'll still have a large day-to-day role with
the team his family has run since 1949, Boston Ventures now
maintains control of the 60-year-old operation and the Richard
Petty Driving Experience.
The Petty organization has been stuck in neutral for close to
two decades, falling far behind the success it achieved when "The
King" won seven championships and 200 victories.
Boston Ventures has its work cut out in turning Petty
Enterprises around.
Although the team has 268 career victories, 200 were by Richard
Petty, who won his last race in 1984 and retired as a driver in
1992.
Petty Enterprises' last victory came with John Andretti in 1999.
The new partnership has allowed the organization to re-sign
Bobby Labonte. The former series champion inked a
four-year contract extension to continue driving the famed
Number-43 Dodge.




 
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