After spending the last few weeks searching for investors to help him purchase majority interest in his racing team, Richard Petty has finally done just that. Petty and a group of investors including Andrew Murstein, of Medallion Financial Group and Douglas Bergeron, of DGB Investments, bought the racing assets of Richard Petty Motorsports today.
Richard Petty met with officials from Toyota and Michael Waltrip Racing Sunday and Monday, which could mean the team is considering a switch from Ford Fusions from Roush Fenway Racing to Toyota Camrys from MWR.
Rumor has it that Richard Petty is attempting to put together a deal that would allow him to purchase the majority interest of RPM from majority owner George Gillett.
Richard Petty Motorsports is in danger of going under after this weekend’s Tums Fast Relief 500 at Martinsville Speedway, according to Foxsports.com.
Richard Petty Motorsports has been in default on a $90 million loan since February, but hopes to restructure the loan soon. Team owner George Gillett indicated that RPM did not miss payments, but an anonymous source indicate that’s not the case.
Richard Petty Motorsports’ primary shareholder George Gillett signed an excluse commercial collaboration with Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Royal Family. The agreement should help bring a NASCAR circuit to the Middle East, as well as the Richard Petty Driving Experience. According to the Examiner, this was the first [...]