Auto123.com had revealed that a plan to merge Petty Enterprises with Gillett Evernham Motorsports was in the works and it is now a deal done.
Both parties agreed in principle on Thursday and it will be completed by the end of January.
The new team will operate from GEM's premises, and will run three Dodges for the full season, with a fourth car appearing in at least eight events.
Richard Petty (photo), the Boston Ventures investment company that bought into his team last year, and GEM will be co-owner.
photo:NASCAR - Getty Images
Both parties agreed in principle on Thursday and it will be completed by the end of January.
The new team will operate from GEM's premises, and will run three Dodges for the full season, with a fourth car appearing in at least eight events.
Richard Petty (photo), the Boston Ventures investment company that bought into his team last year, and GEM will be co-owner.
photo:NASCAR - Getty Images