Richard Petty and Investors Take Control of RPM From George Gillett Jr.

Filed under: A.J. Allmendinger, Petty Enterprises, Sprint Cup, NASCAR

CONCORD, N.C. (AP) -- Richard Petty will once again run his race team and participate in day-to-day operations as chairman of the new ownership group that was announced Monday.

The assets of Richard Petty Motorsports have been sold from George Gillett Jr. to an investment group that consists of Petty, Medallion Financial Corp. and DGP Investments.

"Today is a great day for me, my family, our fans and our wonderful sponsors," Petty said in a statement that listed 10 partners that "have supported me through thick and thin and I thank them from the bottom of my heart."

RPM will field cars for AJ Allmendinger and Marcos Ambrose in 2011.

The transfer of assets has been in the works for several weeks because of Gillett's ongoing financial problems. Debt-laden English soccer club Liverpool recently was sold despite the objection of Gillett and business partner Tom Hicks. And a U.S. hedge fund is suing Gillett over what the firm says is more than $117 million in debt he racked up investing in Liverpool.

 

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