Zastava_101

RPM will finish out season with four cars: Richard Petty Motorsports has the financial backing to finish the season and is working toward running a two-car Sprint Cup car operation in 2011, vice president of competition of Robbie Loomis said on Saturday. "It's been amazing to me, the support from owners and drivers who have come up and been able to help keep us going ... past crew chiefs," Loomis said after the final Cup practice at Texas Motor Speedway leading up to Sunday's race. "People have really been supportive of helping us continue along and get to a better place." Among those helping RPM is former team owner and crew chief Ray Evernham, who still has a minority ownership stake in the team after selling what was then Evernham Motorsports to George Gillett in 2007. Gillett later merged with Petty Enterprises to form Richard Petty Motorsports. Gillett's recent financial difficulties surrounding the sale of the Liverpool soccer club left the racing team so strapped for money that two weeks ago there were questions of whether RPM could pay the bills necessary to finishing the season. Since then minority owner Richard Petty has been looking for investors to retake majority ownership from Gillett and keep the team afloat through the final race of this season. Loomis said the latter no longer is an issue. "Every car owner, every manufacturer has been behind us," he said. "Ford has been incredible in their ability to keep us healthy. Jack Roush and what his crowd has done has been amazing. For Richard it has been very rewarding to see everybody supporting us the way they have." Roush Fenway Racing supplies cars for RPM and Roush Yates Engines supplies engines. Roush said two weeks ago at Martinsville that RPM was up to date on its bills, but added there was at least one payment to be made before the season ended. Loomis said RPM is undecided with which crew members from the #19 team of Sadler and #98 team of Paul Menard will be retained. "We've definitely got some plans," he said. "The roster is already put together. ... Everyone knows we're a four-car team and working on laying out our plans to get to two cars. We've had a lot of talk about running a third car for the first five races with other interests. We've got the points for it."(ESPN)(11-7-2010)

jacostang

Thanks for the update!

Zastava_101

Richard Petty Motorsports on hold: The situation at Richard Petty Motorsports remains tenuous at best, despite reports to the contrary. Last week team officials said everything was set for this weekend's Sprint Cup Series race at Phoenix International Raceway as well as the season finale the following week. But five truck drivers remained in Fort Worth at Texas Motor Speedway waiting for the call as to whether they were heading west to the next race or back to the shop in the east as of Tuesday evening. The organization has been in limbo as team owner George Gillett is still reeling from the financial hit he took Oct. 15 when the English soccer team he co-owned -- Liverpool Football Club -- was taken over.
RPM had planned to run two cars next season with AJ Allmendinger and Marcos Ambrose. However, until money can be secured to settle the current debts at RPM, it's uncertain how much longer the organization will be around. Sources told FOXSports.com that Richard Petty, the team's namesake, was in talks with Andrew Murstein, President of Medallion Financial Group, in a bid to gain financial control of the company from Gillett.
As a backup plan for Paul Menard, who has already announced that he will leave RPM to drive for Richard Childress Racing in 2011, the #10 Stavola Labonte Racing Chevy stayed within two hours of Texas Motor Speedway in case it needs to turn around and head to Phoenix for Menard's use. Stavola Labonte Racing has a technical alliance with RCR.(FoxSports)(11-10-2010)

Zastava_101

UPDATE: Eight Richard Petty Motorsports Fords scheduled to compete this weekend at Phoenix remain at Texas Motor Speedway today, waiting to be paid for so they can be released to travel to PIR. Sources tell Sirius NASCAR Radio's Sirius Speedway with Dave Moody that as of 1:00pm/et today, the cars sit on an unmarked, white Roush Fenway Racing transporter in a parking lot at Texas Motor Speedway. Alongside sit the respective Richard Petty Motorsports transporters, empty and waiting for permission to load the cars and begin their drive from Fort Worth to Avondale, AZ.
"The plan was to take RPM's Phoenix cars to Texas and hold them there until the check cleared," said a source close to the situation, speaking on the condition on anonymity. "The money was supposed to be there Monday, but that didn't happen. It didn't happen again yesterday, and everyone's still there today, on hold. Everyone knew this was going to happen before they left for Texas. Our hands are tied and there's nothing we can do but wait." A resolution must come soon, since federal regulations allow transporter drivers to drive for only 10 hours before getting 10 hours of rest. It is approximately 18 hours from Texas to Phoenix.
A similar situation occurred last week, when RPM's Texas cars were withheld by Roush Fenway until late Wednesday, pending payment. "The #9 and #98 trucks loaded up and left last week before they had been cleared to go, and that created a big issue," said a second RPM source. "The cars were finally released at 4:00pm last Wednesday, but until then, there was considerable doubt whether Richard Petty Motorsports was going to race in Texas at all. Now, they're right back in the same situation. The transporter drivers are sitting in Texas, waiting to find out of they're heading to Phoenix, or back to North Carolina."
Richard Petty Motorsports employees have been required to work on their cars at Roush Fenway Racing in recent weeks, since Roush will not release the cars until they are paid for. RPM faces other financial obligations in the near future. The team is scheduled to make a winnings and retainer payments due to each of its drivers on the 15th of this month. A call to Richard Petty Motorsports seeking comment was not immediately returned.(Sirius Speedway)(11-10-2010)

Zastava_101

• RPM purchased by Richard Petty and others MORE: Richard Petty Motorsports signed and closed a sale of its racing assets to an investment group comprised of Richard Petty, Medallion Financial Corp. and DGB Investments. Richard Petty will serve as Chairman and will be actively involved in overseeing day-to-day operations of the company. As previously announced, the team will operate the legendary #43 car driven by AJ Allmendinger and the #9 car driven by Marcos Ambrose. "Today is a great day for me, my family, our fans and our wonderful sponsors. Ford, Stanley, Best Buy, Valvoline, Reynolds, Air Force, Super 8, Paralyzed Veterans of America (PVA), WIX Filters and Menards have supported me through thick and thin and I thank them from the bottom of my heart," said Petty.
  Andrew Murstein, President of Medallion Financial, commented: "We could not be happier to be able to acquire these assets together. 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. Ample working capital has been invested in the company to insure this great team and legend will not only continue to perform, but will thrive and be back in the winner's circle."
  "George and Foster Gillett deserve a great deal of credit for running a successful race team," commented Petty. "They made a significant investment into the business and helped get back into Victory Lane. Going forward, we have put together an all-star ownership team consisting of myself, Medallion, and VeriFone CEO Doug Bergeron."
  Medallion Financial, a publicly traded investment company, has invested over $3 billion in companies since its IPO in 1996 and its board members include such notables as former New York Governor Mario Cuomo, former Connecticut Governor and Senator Lowell Weicker, and another "King" of his sport, Hank Aaron. The Murstein family is the largest shareholder in Medallion, owning approximately 20 percent.
  DGB Investments is an investment vehicle of Canadian-born investor Douglas G. Bergeron, CEO of VeriFone Systems, Inc. (NYSE: PAY), San Jose, Calif. In 2001, Bergeron and DGB participated in the acquisition of VeriFone Systems from Hewlett-Packard in a transaction valued at $50 million. Today, VeriFone's market value exceeds $3 billion dollars and Bergeron remains CEO and one of the largest individual shareholders.
  Douglas Bergeron commented, "With Richard Petty's unmatched name and reputation in the motorsports industry, I know this investment is well-timed to succeed. We are going to help put Richard Petty Motorsports back in Victory Lane." Richard Petty concluded, "Our partnership with Andy Murstein and Doug Bergeron will help take us to a whole new level and I could not be more excited about our future."(RPM PR)(11-29-2010)
  
• MORE: RPM will operate as a two-car organization with AJ Allmendinger in the famed #43 that Petty drove to 198 [of 200] wins and seven championships and Marcos Ambrose in the #9. Sources said rights to the owner's points for the #98 driven by Paul Menard are moving to Menard at Richard Childress Racing [#27 Chevy] and the points from the #19 driven by Elliott Sadler are expected to go to the #21 owned by the Wood Brothers. Andrew Murstein, the president of Medallion Financial, said he agreed to get involved only if Petty made a substantial commitment along with his company and DGB. While he couldn't divulge details due to a confidentiality agreement, Murstein said all three parties invested millions of dollars. Murstein said the more than $100 million of debt on RPM operations has been paid off. "A fresh start for Petty coming in with no debt,'' he said. The sale of RPM's racing assets to Medallion Financial and DGB Investments not only takes Gillett out of ownership but also Ray Evernham, who remained a minority owner after selling what was Evernham Motorsports to Gillett in 2007.(ESPN)
  Ford Statement: Statement from Jamie Allison, Director, Ford North America Motorsports, on Richard Petty Motorsports: "We're elated that Richard Petty has been able to complete this very complex task of restructuring Richard Petty Motorsports. Everyone knows that The King is a motorsports icon and to have him part of the Ford Racing family is something we cherish. We're also excited about moving forward with Andy Murstein and Doug Bergeron, two men whose knowledge and understanding of what it takes to be successful will serve RPM well in the future. I am extending a personal welcome to Andy and Doug from all of us at Ford. Now, we can concentrate on the task at hand, which is getting AJ Allmendinger and Marcos Ambrose the resources they need to win races and make the Chase in 2011."(Ford Racing)(11-29-2010)

jacostang

Good news a true team to root for next year, they finished strong this year!!

Zastava_101

With Kasey out, AJ should get the best equipment at RPM next season.

If Chase includes 15 drivers next year AJ should be in it.

Moosetang

Still only getting this site on my phone, grrr

Great News! Here's hoping they get some strong races in before the France Family makes their next "let's take Ford out of the running" move.

Classy of The King to pat George on the head, despite it being Gillet's mess that caused all the drama.