Gillett sells stake in Richard Petty Motorsports

30 November 2010 | Posted in Sports Properties, Soccer | By Tom Love

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.

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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.

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"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."