Petty & Gillett Evernham Motorsports Announce Agreement To Merge

Gillett Evernham Motorsports (GEM) and Petty Holdings announced an agreement in principle to form a new NASCAR Sprint Cup team co-owned by Richard Petty, Petty Holdings, owned by majority shareholder Boston Ventures, and Gillett Evernham Motorsports. The team will field four Dodge entries in the 2009 NASCAR Sprint Cup season. Details of the transaction are expected once the deal is closed. Petty and GEM officials anticipate a final agreement by the end of January. Some notes:
* The new team plans to run a fourth Dodge in eight races in the 2009 season including the Budweiser Shootout with additional races contingent on sponsorship.
* Ray Evernham retains a minority ownership role with the new team.
* Richard Petty and Petty Holdings will continue to own and operate the Richard Petty Driving Experience as an independent entity.
* Key Petty employees Robbie Loomis, Dale Inman and Brian Moffitt will also have active roles with the new team.
* The new team will use the GEM race shops in Statesville, N.C. and engine shop in Concord, N.C.
* GEM and Petty sponsors will continue with the new organization. Gillett Evernham PR.

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