UPDATE Add Robert Yates Racing to the ever-expanding list of Nextel Cup Series owners actively courting investment partners. RYR president Doug Yates said Saturday that he and his father have been pursing investors for six months. They've gotten some inquiries but nothing solid, Yates said. Among those investors with which Yates has spoken are the Maloof brothers, owners of the Sacramento Kings NBA franchise and the Palms Resort and Casino in Las Vegas. "We talked to them last year," Yates said. "Nice group of guys. Nice family. But they felt like, at the time, they were focused on their business. They have a lot of businesses, so that's a name that's come around. But there are a lot of people out there interested. We know how popular the sport is and people from the outside can look and see, 'Hey, this has some value.'" Yates said the most viable method for Nextel Cup teams to hold value is franchising, and feels it's time NASCAR implemented a franchise system. "At some point, I think NASCAR has got to start looking at franchises, and making these teams worth something," Yates said. "Right now it's a shame — a team goes from something to nothing really quick. It's not really fair to the people who have helped grow the sport." Richard Childress was the first owner to sell a stake of his team to an investment group, and the performance of his team has improved tremendously since. Next up was Jack Roush, who made a high-profile sale of 50 percent his team to Boston Red Sox owner John Henry's Fenway Sports Group. Ray Evernham is searching for an investment partner and Petty said Friday at Martinsville Speedway that Petty Enterprises is, too.
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03/31/07 Kyle Petty said Petty Enterprises may have to join Jack Roush, Richard Childress and other car owners and sign with a business partner, to keep making a go of it in this sport. Richard Petty was in Montreal this week checking out businesses. NASCAR will be making its first major venture into the Canadian market this summer with a Busch race at Montreal's Formula One track in the heart of town. And fellow Dodge team owner Ray Evernham has been talking with Montreal Canadians owner George Gillet Jr. about a joint NASCAR business venture.
Kyle Petty points to Petty Enterprises' close ties with Evernham Motorsports, particularly on the engine building side, and said it just makes sense to check out some of the people that Evernham is considering working with. "There's more to Petty Enterprises than just a race team going round in circles," Kyle Petty said, mentioning the company's other ventures. "So that makes Petty Enterprises a little different venture for a potential investor.
"We have already folded our company into some of the stuff that Evernham Motorsports does, so as Ray begins to branch out and take on different partners, we need to find out who those partners are, and if there is an opportunity there we'd be foolish not to explore it."
