Richard Petty Motorsports has the financial resources to finish out the 2010 Sprint Cup season, and is working toward running a two-car operation in 2011, according to Robbie Loomis, RPM’s vice president of competition.
A few weeks ago, there were rumors that RPM was in danger of going under. Roush Fenway Racing and Roush Yates engines stopped delivering chassis and engines, respectively to RPM. But, RFR owner Jack Roush insisted that RPM had been up-to-date on their payments and that cars and engines were being delivered.
RPM’s financial difficulties were said to be caused by the legal dispute over the sale of the Liverpool Football Club to New England Sports Ventures. The dispute was said to have jeopardized RPM’s finances to the point that it was uncertain whether or not they would continue.
Minority owner Richard Petty was looking for investors in an attempt to buy majority interest from George Gillett. Loomis said that was no longer an issue. He said:
Every car owner, every manufacturer has been behind us. Ford has been incredible in their ability to keep us healthy. Jack Roush and what his crowd has done has been amazing. For Richard it has been very rewarding to see everybody supporting us the way they have.
But, Petty still has not securing the backing to purchase controlling interest. Petty told ESPN:
We thought it was [done] last week. Last week we thought it was the week before. Still in limbo. … I don’t know what we’ve got to do to make it work. Until we figure it out, can’t do nothing.
Update: Despite Loomis’ comments, FoxSports.com is reporting that several of the team’s truck drivers were awaiting word whether they were to return to the shop, or head to Phoenix for this weekend’s Kobalt Tools 500.
Meanwhile, Richard Petty is rumored to be working with Andrew Murstein, President of Medallion Financial Group, a specialty finance company, to secure backing to take majority interest in RPM from George Gillett.
If RPM is unable to field a car for Paul Menard this weekend, he may drive the No. 10 of Stavola Labonte Racing at Phoenix. SLR has a technical alliance with Richard Childress Racing, the team Menard is going to join next season.
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[...] the team did not owe him any money, and that they were up-to-date on payments. Still, there was some uncertainty before the Kobalt Tools 500 at Phoenix International [...]