Gillett sells stake in Richard Petty Motorsports
Former Liverpool FC co-owner George Gillett has sold his majority stake in Nascar Sprint Cup Series race team Richard Petty Motorsports (RPM) to an investment group consisting of Medallion Financial Corp, DGP Investments and Richard Petty himself.
"Today is a great day for me, my family, our fans and our wonderful sponsors. They have supported me through thick and thin and I thank them from the bottom of my heart," said the seven-time Nascar champion Richard Petty in a statement.
George Gillett pays dearly for his ownership of Liverpool Football Club
Liverpool co-owner Hicks fails to secure loan as deadline for repayment looms
The news of the team's sale comes soon after US hedge fund Mill Financial announced it was suing Gillett and twelve other affiliates US$177.2 million for failing to repay a US$70 million loan taken out during the American's time as co-owner of Premier League soccer team Liverpool Football Club, a property which he and business partner Tom Hicks were forced to sell for a price of US$475 million to New England Sports Ventures (NESV).
During Gillett's two-year ownership of the Nascar team Petty's involvement and stake in the team was minimal. And, while it is still unknown how large Petty's stake in the team is, according to a news release, Petty will serve as chairman and will be actively involved in overseeing day-to-day operations of RPM.
Richard Petty Motorsports sign with Ford and Yates
Allmendinger secures Hunt deal; remains on hunt for sponsorship
"We could not be happier to be able to acquire these assets together," said Andrew Murstein, president of Medallion Financial, a publicly traded investment company. "Richard is one of the greatest names, not only in Nascar, but in all sports. His name and image are a world recognized brand with unlimited potential to grow and expand in racing."
"We are going to help put Richard Petty Motorsports back in Victory Lane," DGB Investments' Douglas G. Bergeron added. "With Richard Petty's unmatched name and reputation in the motorsports industry, I know this investment is well-timed to succeed."blog comments powered by Disqus
Allmendinger secures Hunt deal; remains on hunt for sponsorship - 19 April 2009
Richard Petty Motorsports adds primary sponsors - 25 April 2012
Best Buy commits to Richard Petty Motorsports - 05 January 2011
US Air Force renews with Richard Petty Motorsports - 05 February 2013
RPM signs multi-race sponsor for Aric Almirola - 13 January 2012
Related blog posts
Liverpool: Saudi Arabian prince’s company confirms deal - 29 September 2009, Notes & Insights
Liverpool: Saudi prince bringing a fortune for Gillett but not for club - 25 September 2009, Notes & Insights
Saudi prince bringing a fortune for Gillett but not Liverpool - 28 September 2009, Notes & Insights