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GEM reaches merger agreement with Petty

(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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NASCAR News
- Friday, January 9, 2009 -

NASCAR Schedule
Sprint Cup SeriesBudweiser ShootoutFeb. 75:00 PM PT6:00 PM MT7:00 PM CT8:00 PM ET TV: FOX
Nationwide SeriesCamping World 300 presented by ChevroletFeb. 14TBA TV: ESPN2
Camping World Truck SeriesDaytona 250Feb. 13TBA TV: SPEED
2008 Ford 400
Final Results
1. Carl Edwards
2. Kevin Harvick
3. Jamie McMurray
4. Jeff Gordon
5. Clint Bowyer
6. Kasey Kahne
7. Travis Kvapil
8. Casey Mears
9. Tony Stewart
10. Martin Truex Jr.
View Full Results

NASCAR Leaders: Points
RankDriverPointsWins
1 Jimmie Johnson 6684 7
2 Carl Edwards 6615 9
3 Greg Biffle 6467 2
4 Kevin Harvick 6408 0
5 Clint Bowyer 6381 1
6 Jeff Burton 6335 2
7 Jeff Gordon 6316 0
8 Denny Hamlin 6214 1
9 Tony Stewart 6202 1
10 Kyle Busch 6186 8
11 Matt Kenseth 6184 0
12 Dale Earnhardt Jr. 6127 1
View Full Leaderboard
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