
(AP Photo/Paul Kizzle)
CHARLOTTE, N.C. (AP) Richard Petty's famed No. 43 Dodge was rescued from near ruin Thursday when Gillett Evernham Motorsports agreed to merge with Petty's slumping organization to create a new team.
GEM had been in exclusive negotiations with Petty Enterprises to combine the two teams into one four-car organization, and an agreement in principle was announced Thursday. The deal is not expected to be closed until the end of the month.
The team will be co-owned by Richard Petty, Petty Holdings - which is owned by majority shareholder Boston Ventures - and Gillett Evernham Motorsports. Ray Evernham, who formed his team in 1999 but sold majority interest to businessman George Gillett Jr. in 2007, will be a minority owner in the venture.
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