Racing News Daily » Entries tagged with "Richard Petty Motorsports"
Best Buy Leaves Richard Petty for Jack Roush
Minneapolis – Best Buy Co. announced today that they were moving their NASCAR sponsorship from Richard Petty Motorsports to Roush Fenway Racing. Best Buy will serve as primary sponsor for Matt Kenseth for nine races and Carl Edwards for two races. Best Buy will also serve as associate sponsor for each car. “Best Buy is thrilled to announce this new NASCAR sponsorship deal with Roush Fenway Racing,” said Drew Panayiotou, senior vice president of marketing for … Read entire article »
Filed under: Sprint Cup
Ford drivers ordered to work with only other Ford drivers at Talladega
By Reid Spencer Sporting News NASCAR Wire Service TALLADEGA, Ala.—Forget traditional drafting relationships. David Gilliland, for one, won’t be helping Tony Stewart, one of his past drafting partners. Basically, if a driver doesn’t bleed Ford blue, don’t expect him to get help from another of the blue oval drivers in Sunday’s Good Sam Club 500 at Talladega Superspeedway. Chase for the NASCAR Sprint Cup drivers Carl Edwards and Matt Kenseth—first and third in the series standings—are the focus of the … Read entire article »
Filed under: Sprint Cup
Richard Petty Motorsports Broadens Management Team
CONCORD, N.C. (July 28, 2011) – Richard Petty Motorsports (RPM) officials today announced several changes to the NASCAR Sprint Cup team’s executive lineup. Brian Moffitt, who previously headed up the RPM sales and marketing department, has been named chief executive officer for the multi-car team and Mike Hargrave has taken over the EVP, sales and marketing position. In addition, Robbie Loomis has been named chief operating officer for the organization. “We’ve worked hard to put together … Read entire article »
Filed under: Sprint Cup
Greg Erwin Takes Over As Crew Chief for Richard Petty’s Famed No. 43
CONCORD, N.C. – Richard Petty Motorsports officials announced today that Greg Erwin has joined the team and will replace Mike Shiplett as crew chief for the No. 43 NASCAR Sprint Cup Series entry driven by AJ Allmendinger. “Mike and I have been together for a long time, so from a personal standpoint this is difficult for me,” said Allmendinger. “We’ve worked really well together and I think our personalities really complemented each other. Mike and I … Read entire article »
Filed under: NASCAR
Evernham suing Gillett’s companies for $19 million
Special to Sporting News NASCAR Wire Service Ray Evernham has filed a $19 million lawsuit against companies operated by former partner George Gillett over unpaid shares of the former Richard Petty Motorsports. Evernham, who sold the majority of his Evernham Motorsports team to Gillett in 2007, filed the lawsuit in North Carolina Superior Court in Charlotte, N.C. The Gillett company that ran the race team, Gillett GEMS, as well as Gillett’s Booth Creek Management Corporation, are listed as the defendants. Having remained a minority owner in Gillett Evernham Motorsports as well as Richard Petty Motorsports after the Gillett Evernham-Petty Enterprises merger in 2009, Evernham in his complaint asks for $19,183,203 he claims he is owed after the sale of RPM last November to Richard Petty and a group of investors. In his lawsuit, Evernham … Read entire article »
Filed under: NASCAR
Best Buys Renews Sponsorship with Richard Petty Motorsports
By Reid Spencer Sporting News NASCAR Wire Service Richard Petty Motorsports got welcome news with the renewal of Best Buy as primary sponsor of AJ Allmendinger’s No. 43 Ford for the coming season. The agreement, announced Tuesday by RPM and Best Buy, extends the consumer electronics retailer’s sponsorship of the car through 2011. Best Buy will serve as Allmendinger’s primary sponsor for 24 points races and two non-points events (the Gatorade Duel 150 qualifying race at Daytona in February and the Sprint Showdown and/or Sprint All-Star Race at Charlotte in May, depending on eligibility). The deal includes Best Buy’s placement as an associate sponsor on the No. 9 Ford driven by Marcos Ambrose. Other sponsors, among them Valvoline, the U.S. Air Force and Paralyzed Veterans of America, will take turns on the hood of … Read entire article »
Filed under: Sprint Cup
Petty Takes Over RPM With Backing of New Investors
Richard Petty has completed his takeover of Richard Petty Motorsports as he and new partners Medallion Financial Group and DGB Investments have purchased the assets of the race team from George Gillett, RPM announced Monday. Petty will serve as chairman and will be actively involved in overseeing the day-to-day operations of the organization, which will field Fords for drivers AJ Allmendinger and Marcos Ambrose next year. The team was in jeopardy of folding as Gillett, the majority shareholder in the team, had to restructure a $90 million loan last April. Having sold the NHL Montreal Canadiens in 2009, Gillett saw the Liverpool soccer team he co-owned sold over his objection in October for a price he felt undervalued the team. The week after the sale, RPM employees were told their jobs couldn’t be … Read entire article »
Filed under: Sprint Cup
Richard Petty Motorsports aggressively seeking funding
By Tripp Mickle Special to the Sporting News NASCAR Wire Service George Gillett’s financial difficulty following the sale of Liverpool FC has thrown the future of Richard Petty Motorsports into doubt and left the NASCAR team’s owners and lenders searching for investors to keep the team afloat. The Gilletts and Pettys, which are two of the NASCAR team’s principal owners, began an aggressive search for investors this month. RPM has hired the Gordian Group, a New York-based investment bank, to assist them in their search, while the syndicate of banks that lent Gillett more than $90 million to buy the team have been working with FTI Consulting, a global consultancy specializing in corporate finance, to find investors, sources said. A spokeswoman for RPM declined to comment. The search for funding for RPM follows a challenging … Read entire article »
Filed under: Sprint Cup
Kasey Kahne says RPM split good for both parties
By Reid Spencer Sporting News NASCAR Wire Service MARTINSVILLE, Va.—Putting a happy face on his early departure from Richard Petty Motorsports, Kasey Kahne said the split was good for both parties. Kahne termed the parting a “mutual release” that grew from conversations between the driver and Richard Petty Motorsports principals on Monday. Kahne will finish the NASCAR Sprint Cup season in the No. 83 Red Bull Toyota. Aric Almirola is taking Kahne’s place in the No. 9 RPM Ford at Martinsville. “It was a mutual release, and for me, I think it was a good thing for both sides,” Kahne said Friday at Martinsville Speedway. “They’re happy about it, and we’re happy about it. It made sense for RPM to start working on their things for next year and for myself to get with … Read entire article »
Filed under: Sprint Cup
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