Equity firm's partnership injects new money into Petty Enterprises

Updated: June 11, 2008, 9:25 PM ET
By David Newton | ESPN.com

CONCORD, N.C. -- The inscription on Richard Petty's belt still says "King Richard."

But Petty no longer is the king of Petty Enterprises -- at least from an ownership standpoint.

Petty has sold majority ownership of the company his father started in 1949 to Boston Ventures, a private equity firm, in hopes of restoring NASCAR's most storied franchise to the prominence it held when he was winning seven championships.

Boston Ventures will have four seats on ...

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