GEM Concludes Merger with Petty Enterprises

Gillett Evernham Motorsports and Petty Enterprises have finally come to an agreement and announced the merger ahead of their 2009 Sprint Cup campaign. The new team will function under the GEM name, setting up three full-time drives for next year's series, while a 4th car will start at least 8 events. The two teams will further discuss the terms of the merger until the end of January, when the deal will have been closed.

“I want to get back to winning and together we will bring the resources, technology and infrastructure to do that. This was a big decision for us but it's something we really wanted to do. We hope everyone in the sport embraces what [GEM co-owner] George [Gillett] and I are doing.” said Richard Petty after securing the deal.

“Nothing is going to change for me. I'm going to be at the track every weekend and really involved with the teams and drivers back at the shop. We are very happy. George and I have a lot of work to do, but we have a plan and we'll be ready for Daytona,” added the 7-time Sprint Cup champion.

Petty Enterprises will therefore close its doors after more than 60 years in the NASCAR series. The Petty family's team has won more races than any other organization in the history of the sport, 268 wins, and clinched no less than 10 titles overall.

“To join with Richard Petty and Petty Holdings is such an honor for me and my family. Richard and I have gotten to know each other well over the last few years and both of us believe we have formed something that NASCAR fans will support. We plan to keep the Petty name in the forefront of NASCAR. We ask that all of the King's fans join with us. Our goal is to get the cowboy hat and sunglasses back in Victory Lane,” said GEM co-owner George Gillett.

The team will therefore be co-owned by Richard Petty, Petty Holdings (owned by majority shareholder Boston Ventures) and Gillett Evernham Motorsports.
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