Monday, June 9, 2008
Looming decisions to shape future of Petty Enterprises
By David Newton
CHARLOTTE, N.C. -- The future of Petty Enterprises will become clearer on Wednesday.
NASCAR's most famed organization has called a news conference for 11 a.m. ET Wednesday at Lowe's Motor Speedway. Among the expected topics are a partnership with Boston Ventures Management and the re-signing of Bobby Labonte.
Seven-time champion Richard Petty, Labonte and Kyle Petty are among those that will attend.
Richard Petty has been negotiating a deal with Boston Ventures, one of the leading private equity firms in the United States, for several months to bring financial stability to a struggling organization.
The firm has been the lead investor for several companies, including American Media, Inc. [The National Enquirer], Billboard Publications, Continental Cablevision, Marshall & Swift Motown Records, River City Broadcasting and Six Flags Entertainment.
Company officials declined to comment on the merger at this time.
ESPN.com reported last month that Labonte had agreed to terms for a new deal. A new sponsor for the 2000 champion also could be announced. General Mills, which has been the primary sponsor of the No. 43 car, will move to Richard Childress Racing next season.
David Newton covers NASCAR for ESPN.com. He can be reached at firstname.lastname@example.org.