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Petty Enterprises Gets Much Needed Resurgance

by Tim Zaegel on June 11th, 2008

They are all the all-time leader in NASCAR for wins as an organization, they have 7 Cup championships to their credit, and they’ve been in operation since 1949. So, why is it that only a few months into the 2008 season, Petty Enterprises had looked as though they might be on the verge of crumbling? Maybe it’s because they haven’t visited Victory Lane since 1998. Perhaps it’s the fact that General Mills, the team’s #1 sponsor for a very, very long time, has already announced their departure from Petty to put their name on a new RCR car. It might have something to do with Bobby LaBonte, the cornerstone for Petty since 2006, looked as though he could be headed with General Mills. Or, it could be the fact that it wasn’t so long ago that the owner’s son, Kyle Petty, was asked to remove himself from one of the team’s cars for a race, after which he publically called out VP Robbie Loomis in several media articles.

Whatever it is that had us all thinking that Petty Enterprises had become a simple afterthought in the NASCAR circuit, we can put those notions to rest, because with their announcement on Wednesday afternoon has erased any doubts about their intent to compete in this sport. Petty announced the re-signing of LaBonte to a four-year contract extension, which many people believe could take Bobby to the near-end of his career, but the big announcement for the team was at the management level. Richard Petty has given up majority control of the organization to Boston Ventures in an effort to finally bring the team the capitol it has so desperately needed.

Boston Ventures has several interests in the media and entertainment industries, including investments in Six Flags theme parks, Motown Records, American Media Inc, and some others. While Richard Petty claims he will still be involved in the day-to-day activities of Petty Enterprises, Boston Ventures Managing Director, Barry Barker, has taken over as the new Chairman, and David Zucker will fill in as the CEO.

For LaBonte, negotiations with Petty have been ongoing and intensified earlier in the season when it was rumored that he would follow General Mills over to Richard Childress Racing. After finally coming to an agreement with the team, he cited the additions of Boston Ventures to the mix as a very large contributer to his decision. While he enjoys racing for Petty and would like nothing more than setup shop there long-term, just as any other racer desires, he felt like he needed better equipment to compete in. With Boston Ventures coming on board, he strongly feels like they can finally get the equipment they need.

“With Boston Ventures coming on board, it was definitely the thing that swayed me to stay,” he said. “They are bringing the things we need to move forward.”

While nobody is expecting an overnight miracle to result from this announcement, it’s good to think that Petty Enterprises could be back on the move. This is certainly a step in the right direction, and with LaBonte still competing for a spot in this year’s Chase, things are definitely looking up for Petty!

*Credit photo to Newscom.

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