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Author Topic: Petty Announcements  (Read 329 times)
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Cheryl
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« on: June 11, 2008, 11:46:45 PM »

No real surprise here as this was leaked yesterday, but here's what Jayski has on the Petty Enterprises acquisition:

"Petty Enterprises Press Conference: Kyle Petty hosted the press conference at Lowe's Motor Speedway, with NASCAR's Brian France, #43 driver Bobby Labonte, Richard Petty, new CEO David Zucker and Andrew C. Davis, Managing Dorector of Boston Ventures were seated at the front table.
The partnership between Petty Enterprises and Boston Ventures was announced.
Zucker becomes the first non Petty to be in charge.
Zucker says he plans to expand to more teams/cars in the future
Boston Ventures would not say what percentage of Petty Enterprises they invested in
No 2009 sponsor was named for the #43 or #45, General Mills/Cheerrios will leave the #43 after 2008 and head to a 4th RCR team.
Bobby Labonte is signed to drive the #43 Dodge thru 2012 and says there are options for him to becomed more involved with the afterwards.(6-11-2008)


Labonte Signs Contract Extension with Petty: Petty Enterprises has announced the signing of 2000 NASCAR Sprint Cup champion Bobby Labonte to a four-year contract extension. The contract will keep the veteran driver behind the wheel of the famed #43 Petty Enterprises Dodge through the 2012 Sprint Cup season. Labonte, 44, began driving the #43 Dodge in 2006. “I have known all along this is where I want to finish my racing career,” said Labonte. “The future is very bright for Petty Enterprises. As we continue to develop and learn from this new car we will increase our testing and engineering support. The investment from Boston Ventures will allow us to compete on the same level as the bigger Sprint Cup teams.” In Robbie Loomis, Jeff Meendering, Derrick Finley and others, we have some of the brightest minds in the garage area. They will continue to expand our resources which will continue to pay dividends for us both on and off of the track. After the initial meeting I had with Boston Ventures, it was evident they shared the same vision and desire to return Petty Enterprises to Victory Lane that we all have,” continued Labonte. “Their enthusiasm is contagious. When you can pair that with ‘The King,’ the confidence and success that he portrays, you have an organization that will be as strong as any in the Sprint Cup Series.” See full PR woth quotes and info on Baker and Davis at Pettyracing.com.(6-11-2008)

Petty Enterprises Names Zucker CEO: Petty Enterprises announced today that David Zucker has been named Chief Executive Officer of the legendary race team and the Richard Petty Driving Experience. Zucker brings a wealth of business acumen and experience which will help grow and expand the Petty brand. Zucker has held prominent positions in the media, entertainment, sports and technology sectors, serving most recently as President and CEO of Midway Games, Inc., a publisher and developer of video games for home console and PC platforms. The company, based in Chicago, IL, had 900 employees and produced the Mortal Kombat and NBA Ballers series of video games. Zucker also spent 11 years with the Walt Disney Company, including eight years at ESPN, where he helped expand their motorsports strategy, directed the programming launch of ESPN2, championed the original X-Games and oversaw the growth of ESPN International to include 21 networks in 20 languages around the world. See full PR woth quotes and info on Zuckr at Pettyracing.com.(6-11-2008)


Boston Ventures Invests in Petty Enterprises: Boston Ventures, a leading middle market private equity firm, announced that it has agreed to a sizeable investment in Petty Enterprises and the Richard Petty Driving Experience. The infusion of capital will allow Petty Enterprises to significantly grow the organization with the goal of returning to the pinnacle of the NASCAR Sprint Cup Series and growing the Richard Petty Driving Experience into the safe driving and performance sectors. Barry Baker, Managing Director of Boston Ventures, will become Chairman of Petty Enterprises. Andrew C. Davis, Managing Director of Boston Ventures, will also serve on the newly formed Petty Enterprises Board of Directors. See full PR woth quotes and info on Baker and Davis at Pettyracing.com.(6-11-2008)"

Interesting... I was hoping Bobby would go to Childress, but hopefully an investment and new management will make the PE teams more competitive.

Cheryl

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Desmond
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« Reply #1 on: June 12, 2008, 05:16:54 PM »

Bobby Labonte must have a lot of faith in the future of Petty Enterprises if he is to re-sign with it.  Remember that not only has the team not won a race in nine years, it has no sponsor for 2009 after General Mills defected to RCR.

I can only wonder who Petty is negotiating with right now.  Traditionally, Petty has never taken beer or liquor money, but maybe now Boston Ventures will overrule the family and at least talk to "adult beverage" companies.
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