Truth & Rumors > Auto Racing

Petty-GEM deal off

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Sirius Speedway has learned that the much-discussed merger between Gillett Evernham Motorsports and Petty Enterprises has run aground. Anonymous sources say that GEM laid off approximately 50 employees today, and that its Nationwide Series team will either be eliminated or cut back dramatically. In addition, multiple sources say that GEM's #10 Sprint Cup team and driver Reed Sorenson will also run only a partial schedule. While not commenting on the reported demise of the Petty deal, Gillett Evernham Motorsports CEO Tom Reddin confirmed today that major changes are underway. "We are a Sprint Cup team first and foremost, and winning in that series needs to be our primary focus," he said. "The Nationwide Series is a fantastic series and we certainly look forward to racing a partial schedule in 2009, but we will not run the full season next year. We will remained focused on putting all of our effort behind the Cup program in 2009. GEM is very fortunate to have nearly all of our Cup sponsors returning in 2009 in addition to the new arrival of others." Reddin said that GEM will also restructure its engine department for 2009, to align with a reduced number of engine leasing customers next season.

Jayski.com

Richard Petty, Marc Serota/Getty Images Richard Petty, Marc Serota/Getty Images
December 17, 2008  09:16 AM ET

Petty must be really in bad shape now if this deal didn't go through. I don't see this team lasting to much longer if things keep going the way they are for him and his race team.

December 17, 2008  10:33 AM ET

The Petty era of NASCAR has ended.

December 17, 2008  11:30 AM ET

The bright side of this is MAYBE the Nationwide series will consist of young unknown drivers with small budgets that provide real racing. Get the superteam drivers off the track, I mean what does Carl, Kyle and the rest really have to prove? That they can be faster than Justin Argier?

December 17, 2008  11:53 AM ET

From Jayski:
been told by GEM that the #10 car will run the full Sprint Cup season and that the GEM-Petty merger talks are going well and the deal is NOT off.(12-17-2008)

December 17, 2008  12:11 PM ET

I'm so confused Na_88. So is it on or off? Petty has stated he'll run the 43 without the merger if he has to. Yates ran their cars with little to no sponsorship; I'm sure Petty can swing at least a partial season. Get LaBonte back; that'll give them at least 7 races using the provisional! What a mess............

December 17, 2008  01:50 PM ET

lets hope its OFF and petty finds sponsorship (probably wishfull thinking)

December 17, 2008  02:13 PM ET
QUOTE(#4):

From Jayski:been told by GEM that the #10 car will run the full Sprint Cup season and that the GEM-Petty merger talks are going well and the deal is NOT off.(12-17-2008)

Also the reason why GEM will not run fulltime in Nationwide, (and your going to like this), JR Motorsports now has the Unilever sponsor that was on the #9 the last few years.

December 17, 2008  02:15 PM ET

Ragu, Lipton Tea and Mayo, where's the Alka Seltzer?

December 17, 2008  02:53 PM ET

Go JR. GO!

December 17, 2008  04:28 PM ET

I am keeping my fingers crossed for Petty to run one car next year....that idea keeps cropping up amidst the rumours....I hope it becomes true.

December 17, 2008  05:45 PM ET

Petty, Stay alive!

December 17, 2008  06:39 PM ET

As long as Boston Ventures is looking over Petty's shoulder,no one is going to get involved. Just saying

December 17, 2008  07:04 PM ET

Jk that is probably the bottom line right there. (Your #12)

December 17, 2008  08:51 PM ET

Maybe Petty should consider running his team in the Nationwide series rather than Cup. Lower expenses, lower budget. It could work out better.

Comment #15 has been removed
December 19, 2008  03:37 PM ET
QUOTE(#14):

Maybe Petty should consider running his team in the Nationwide series rather than Cup. Lower expenses, lower budget. It could work out better.

Interesting thought..until the economy gets better. Put a proven/winning driver in there..and they will come!

December 20, 2008  07:39 PM ET

The johnny come lately racing fans don't realize that Petty's has been there since day 1. I have been pulling for them since 1963, saw some great moments, once the class of the day, until greed and money took over.

 
December 22, 2008  01:25 AM ET

Just think where PE would be today, had Kyle retired in '05 when Labonte signed to drive the 43, he turns the No. 45 over to a young gun worthy of racing for Adam, manages the team, and in 2008 they'd be sitting prettier than they are right now. But it didn't happen, rather than release Labonte, maybe release Robbie Loomis and a few in the management that's ran the team so poorly would have been smart.

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