The ongoing drama of the survival of Richard Petty Motorsports has an optimistic note thanks to a short statement released in the seven-time NASCAR champion’s name.
“Richard Petty Motorsports has completed its restructuring process and is now in the process of moving forward. RPM will shift from running four cars to two in the NASCAR Sprint Cup Series and that is never an easy process for the people involved. Currently, we are concentrating on building two solid programs with AJ Allmendinger behind the wheel of the No. 43 entry and Marcos Ambrose in the No. 9 Ford.”
The downsizing from a four-car team to two-car had been whispered in the garages for the past weeks so that was not the big news.
While not giving any more details; that statement, apparently clears up the next year for the team, which bears Petty’s name.
Petty Enterprises had previously merged with Gillett Evernham Motorsports to form RPM. Recently George Gillett Jr., the majority owner, had some financial reverses necessitating selling some other sports assets at fire sale prices to pay outstanding debts.
All of these developments and questions of paying vendors, such as Roush Fenway Racing, led to much speculation that the team might have been closed for good.
Gillett was at the NASCAR Sprint Cup finale at Homestead, but was not available for any comment on the financial situation of the team.
Petty, who had a very small percentage ownership of the team, sought business partners to secure the necessary funds to continue. According to the statement the team has completed the necessary financial restructuring.
“We are very fortunate to have an extremely loyal family of partners and are looking forward to the future.”
“Richard Petty Motorsports has completed its restructuring process and is now in the process of moving forward. RPM will shift from running four cars to two in the NASCAR Sprint Cup Series and that is never an easy process for the people involved. Currently, we are concentrating on building two solid programs with AJ Allmendinger behind the wheel of the No. 43 entry and Marcos Ambrose in the No. 9 Ford.”
The downsizing from a four-car team to two-car had been whispered in the garages for the past weeks so that was not the big news.
While not giving any more details; that statement, apparently clears up the next year for the team, which bears Petty’s name.
Petty Enterprises had previously merged with Gillett Evernham Motorsports to form RPM. Recently George Gillett Jr., the majority owner, had some financial reverses necessitating selling some other sports assets at fire sale prices to pay outstanding debts.
All of these developments and questions of paying vendors, such as Roush Fenway Racing, led to much speculation that the team might have been closed for good.
Gillett was at the NASCAR Sprint Cup finale at Homestead, but was not available for any comment on the financial situation of the team.
Petty, who had a very small percentage ownership of the team, sought business partners to secure the necessary funds to continue. According to the statement the team has completed the necessary financial restructuring.
“We are very fortunate to have an extremely loyal family of partners and are looking forward to the future.”