Petty Enterprises closing / Sold to GEM...

[Chris]

This was posted yesterday...  followed by an update

Petty-GEM merger? UPDATE 3: hearing there could be an announcement as soon as today that Gillett Evernham Motorsports [#9,10,#19] and Petty Enterprises [#43,#45] has merged.(12-4-2008)
UPDATE: SI.com has learned that Petty Enterprises' top operation will not return in 2009. The organization will merge with George Gillett, giving that team its fourth car. No word on the future association with Petty Enterprises and Boston Ventures, although Boston Ventures may maintain some involvement in the Richard Petty Driving Experience. Official announcement of the news could come as early as this afternoon. No word on whether Richard Petty will have an ownership stake as part of the merger agreement

Update

Petty Enterprises is in discussions to merge its storied franchise with Gillett Evernham Motorsports. Multiple people familiar with the talks told the AP that the two teams are discussing a deal that would merge Petty's #43 Dodge with GEM to become a four-car operation. They requested anonymity because the negotiations are ongoing. SI.com first reported Thursday that Petty Enterprises' top operation will not return in 2009. But David Zucker, CEO of Petty Enterprises, said the report was "not accurate." He would not discuss a potential merger. "We're not going to comment on rumors and speculation," he said. Petty has no full-time sponsorship lined up for next season. The team fields cars for Bobby Labonte, Chad McCumbee and Kyle Petty. Robbie Loomis, vice president of Petty Enterprises, told the AP nothing has changed with the organization, and the team is continuing to talk to potential partners. Drew Brown, a spokesman for GEM, did not immediately return a call for comment

As usual the team is question is denying it... such is usually the case...  They most always deny stuff,.. then the story comes out and you find it was true all along.  We'll see.

[Chris]

Latest update...
I am guessing they'll put Labonte in the 4th car..??
Damn shame... I'm still betting GEM is wishing they wouldn't have jumped so fast at Sorenson,.. and could of found a way to keep Dinger.  Man he ran great in that #10 car at the end of the season.
I notice in the artice how the lose of the two DEI cars in the merger with Ganassi, also moved the #10 car into the top 35 in points as well as the #47

Petty Enterprises remains in discussions with Gillett Evernham Motorsports to merge into a four-car operation, sources told ESPN.com on Thursday. A report by SI.com that the merger would happen and that Petty Enterprises would not return in 2009, according to multiple sources, is premature. Drew Brown, the director of communications at GEM, said the status of the company has not changed and there are no impending announcements. Officials at the office of GEM majority owner George Gillett were surprised by the report. "We're just not going to comment on speculation," Brown said. Should such a merger happen it would shrink the garage by another car, the 45 driven by Kyle Petty, Chad McCumbee and Terry Labonte last season. The #43 of Bobby Labonte would combine with GEM's #9 of Kasey Kahne, #19 of Elliott Sadler and #10 of Reed Sorenson. A merger could also mean the end of NASCAR's most storied organization as it has been known since 1969. Owner and seven-time champion Richard Petty sold majority interest in Petty Enterprises earlier this year to Boston Ventures but maintained the Petty name. It is unclear if a potential merger with GEM would incorporate both parties or if the Petty Driving Experience would be included. News of the SI.com report spread rapidly through the Manhattan banquet room that hosted a Thursday awards luncheon featuring the top 12 drivers from this past season. GEM has already benefited from the merger of DEI and Ganassi, which will run under General Motors -- Ganassi was a Dodge team -- and use engines prepared by Earnhardt-Childress Racing. The #10 car that was 37th in points will move into the top 35 guaranteed a spot in the field because the two DEI cars lost in the merger have been eliminated from the top 35. The #47 car that will be driven by Marcos Ambrose for JTG-Daugherty moved from 36 to 35. "Everybody will just shift up," NASCAR spokesman Kerry Tharp said. "We will use the top 35 at the track

[Chris]

Well... HERE's a major surprise...
Labonte to the #41... I'd of never figured that..??

Check out the latest news...  we'll see as it all unfolds.

Labonte to the #41 ride? A possible scenario that could play out if this deal [Petty-GEM merger] goes through would place Reed Sorensen, who signed with GEM in August, in the #43. AJ Allmendinger, who parted ways with Red Bull Racing after the Kansas Speedway race in September and drove the #10 GEM Dodge for the final five races of the season, would remain in that ride according to sources. Bobby Labonte, who signed a four-year extension with the new BV regime and was given ownership as part of his benefit package. Now, it appears that Labonte could drive the #41 Target car for Earnhardt-Ganassi Racing

hhuumm Labonte in the #41... When Ganassi had that car it was a piece of crap...  One could only hope since the Ganassi DEI merger it is much less of a piece of crap.  Maybe with DEI support it can be competative... whoever ends up in the seat.??

[scott b]

Well. a deal to keep Dinger in the 10 makes perfect sense.

Labonte to the 41, I don't know... but GEM/Petty would have more drivers than seats if they merge. 

[Chris]

Yeah... same situation there as with DEI / Ganassi...
Only deal with PE /GEM is if they merge they still only end up with 4 cars in the top 35 in points...

Of course thats how the #10 ended up in the top 35 in points... DEI / Ganassi had to drop the #15 and the #01.... they were in the top 35 in points (actually all 6 DEI / Ganassi cars were in the top 35 in points).... so when they had to downsize to a 4 car team... that moved the 36th (#47 car) and 37th (#10 car) into the top 35 in points 

[20forLogano]

We will see how it all plays out but keeping Dinger in the 10 would be great for this organization.  Time will tell and with testing done they have some more time to dot the i's and cross the t's.  They would be smart to keep dinger there because of no testing it takes time for driver and CC to gell and dinger at least has had some time.

[DougS]

Now, it appears that Labonte could drive the #41 Target car for Earnhardt-Ganassi Racing

In all the rumors it's seems I'm missing something.

Didn't Bobby just sign a long term deal with Boston Ventures?

Is this a merger of Petty with Gem or an outright sale which would nullify all contracts (with exception of buyouts / clauses) ala when DEI purchased Ginn Racing?

It seems to me that everyone in NASCAR is in a state of flux right now, between the enconomy, off season, testing ban, manufacturer's problems and writers still have to fill copy space in thier papers so the paper can run and they can get paid and this seems like an easy "filler" that doesn't need alot of fact but can generate alot of post story run off due to the potential of seeing PE no longer a marquee name in NASCAR.

[Chris]

Didn't Bobby just sign a long term deal with Boston Ventures?

yeah... seems he did...
I'm not sure how all that would play out... could be a couple options I guess.
Boston Ventures could pay off his contract... (I doubt that happening for some reason....)  BUt if anyone pays him I think this is where it "should" come from.
Another option would be GEM would 'assume' his contract... I doubt this would happen either, simply because they wasn't the ones who signed the contract with him, and they won't have any obligation to fulfill the contract..

What I think "will" happen will be that GEM will get the number (which is really all they bought) and use it so that Allmendinger will be able to automatically be in the first 5 races of 2009.  I can't see where they have any obligation to fulfill Labonte's contract.
I think Boston Ventures will 'claim' their operation has "folded" and therefore is no longer in operation, and because of that they don't have to pay Labonte his contract...
Anyway It goes I don't see Labonte getting paid...

[TheFrontstretch]

Anybody happen to go to SI.com to see who got that scoop?  You just might recognize the byline. 

Ren

[skool]

Anybody happen to go to SI.com to see who got that scoop?  You just might recognize the byline. 

Ren

Yeah, isn't that the same guy that does those "finally fast!" computer comercials?  Sure looks like the same dude to me........