"We're basically taking over their deal," the seven-time Sprint Cup champion said before qualifying at Richmond International Raceway. "As far as I know all of that whole operation will be Richard Petty Motorsports."
Petty said George Gillett Jr., who declined to comment earlier Friday, would remain the controlling owner. He said Robbie Loomis, the executive director of race operations at RPM, will continue to run day to day operations.
Sources close to the situation said Yates would continue to run the Roush-Yates engine program that will supply engines to RPM's four teams — Paul Menard from Yates and Kasey Kahne, Elliott Sadler and A.J. Allmendinger from RPM.
Petty said plans are to move from RPM's Statesville, N.C., shop to Yates' facility in Concord, N.C., to be closer to Roush Fenway Racing, which will continue to supply parts, pieces and technical support as it did with Yates.
"The way it's set up we're going to do everything at the Yates' shop just like Yates and [Roush] are doing," he said. "Basically right now all I can tell you is we signed a letter of intent. What that means is both sides have agreed to make it work.
"We've got to sit down and get our stuff together. To do that we've got to move a bunch of people and stuff around. They have to do the same thing." ESPN.com