Truth & Rumors > Auto Racing

RPM left scrambling for additional funding

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09:57 AM ET 10.26 | The future of Richard Petty Motorsports is looking dimmer and dimmer as the extent of George Gillett's financial troubles becomes more apparent. Gillett had hoped that the sale of Liverpool FC would allow him throw more funding RPM's way, but when the team was sold for much lower than expected those plans changed. RPM has faced a number of financial challenges, including reportedly defaulting on a roughly $90 million loan last February. The team has now been forced to embark on a massive search for alternate funding sources.

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Richard Petty, John Harrelson/Getty Images Richard Petty, John Harrelson/Getty Images
October 26, 2010  10:05 AM ET

Looks like he just made some wrong decisions along the way. Still doing his financial paper work on a piece of paper with a pencil and not changing with the times. He gets tangled up with with this Gillett guy and also Boston Ventures. Perhaps these characters took a "good ol boy" over the hurdles. I truly hope he can salvage something out of this mess and stay in Nascar in some form, hook up with someone with a few bucks and keep the Petty name alive.
Being a long time fan, I have watched the Petty name on the track since the first time.

October 26, 2010  10:12 AM ET

Time will tell, should be soon

October 26, 2010  10:15 AM ET

Petty should Never got hooked up with Gillett, the man was and is a bad guy, now the King will more likely fold, I sure hope not.

October 26, 2010  10:15 AM ET

The king will, himself, continue to float around and do his ambassador role, whether a team is on the track....... I am leaning toward "not likely", maybe for the money at Daytona only.

October 26, 2010  10:53 AM ET

8 to 10 teams with a starting field of 32 sounds about right to me, with a 26 race schedule.

October 26, 2010  11:08 AM ET
QUOTE(#5):

8 to 10 teams with a starting field of 32 sounds about right to me, with a 26 race schedule.

agreed. but think of the layoffs in Mooresville.

October 26, 2010  11:08 AM ET

C-Yah

October 26, 2010  11:11 AM ET

Guess this sport needed those Hollywood types that the traditional fans hated. Too bad those types realized this is just going around in circles. Now what are you going to do?

October 26, 2010  11:15 AM ET
QUOTE(#3):

Petty should Never got hooked up with Gillett, the man was and is a bad guy, now the King will more likely fold, I sure hope not.

IF i remember right....Petty sold out to Boston Vultures ...then Boston Vultures / Petty in Name only, meager with GEM / Gillett ...King Richard looks bad cause his name is On the Team, but he only a minor owner / figure head.

October 26, 2010  11:34 AM ET

I must say, recently T&R has been tossing us some decent food

October 26, 2010  11:47 AM ET
QUOTE(#11):

I must say, recently T&R has been tossing us some decent food

SHHHH Don't talk too loud. They might think we are contented and start giving us 1 or 2 stories a week again. LOL It seems like thay have made some changes, this number of articles is the way it was when I started on here. It did get pretty bad for a while. Better now.

October 26, 2010  11:56 AM ET
QUOTE(#11):

I must say, recently T&R has been tossing us some decent food

...more food for the Vultures

October 26, 2010  12:34 PM ET

it seems like this happens now and then-----a whole bunch of newbies like maybe a fan club of harvick or burton-------------the last time it was carl edwards and his followers----------that was a while ago ----long before they closed my account

October 26, 2010  12:40 PM ET
QUOTE(#6):

agreed. but think of the layoffs in Mooresville.

I am a proud right wing capitalist Amerikan. I could care less about layoffs. If they get laid off, it is THEIR fault, just like ANYONE else who has lost their job. Layoffs? You wanna talk about layoffs? Hey, the more people living under bridges, the warmer they will be. REAL Amerikans DO NOT CARE.

God Bless Amerika. Land of the Nothings Free. Home of the Frightened.

Now, where is my military flyover!

Watch this swing.

Comment #17 has been removed
October 26, 2010  02:41 PM ET
QUOTE(#17):

The dot.com, the banking, the housing & now the Nascar bubble. They al had to end.

I got laid off from my stud job.

no wait,

it was a performance issue. got fired.

October 26, 2010  02:42 PM ET
QUOTE(#16):

I am a proud right wing capitalist Amerikan. I could care less about layoffs. If they get laid off, it is THEIR fault, just like ANYONE else who has lost their job. Layoffs? You wanna talk about layoffs? Hey, the more people living under bridges, the warmer they will be. REAL Amerikans DO NOT CARE.God Bless Amerika. Land of the Nothings Free. Home of the Frightened.Now, where is my military flyover!Watch this swing.

not going to touch this kelso, you are obviously passionate on the topic.

October 26, 2010  03:44 PM ET
QUOTE(#19):

not going to touch this kelso, you are obviously passionate on the topic.

Darn it. I knew I couldn't fool you, but I was hoping to tempt someone else. Thanks a lot for blowing my cover.

October 26, 2010  04:35 PM ET
QUOTE(#21):

Darn it. I knew I couldn't fool you, but I was hoping to tempt someone else. Thanks a lot for blowing my cover.

I thought I was trying to fuel the fire about your "passion"

 
October 26, 2010  04:36 PM ET
QUOTE(#21):

Darn it. I knew I couldn't fool you, but I was hoping to tempt someone else. Thanks a lot for blowing my cover.

Besides, I think the investment bankers have an inalienable right to make $4B a year.

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