Petty Enterprises

Petty Enterprises is finalizing a deal to sell majority ownership of its Sprint Cup Series organization to one of the leading private equity firms in the country, Boston Ventures, The Charlotte Observer and ThatsRacin.com have learned. A formal announcement of the deal, which is also likely to include a contract extension for one of the team’s drivers, Bobby Labonte, could come as early as Wednesday, multiple sources confirmed Petty Enterprises has 268 wins and 10 championships in 60 years of racing but the last win was in 1999 at Martinsville, Va., with driver John Andretti. The last time one of its drivers finished in the top 0 in points was 1995, with driver Bobby Hamilton, who is now deceased.

Earlier this season longtime sponsor of the Pettys’ No. 43, General Mills, announced it was leaving at the end of the season and that the organization’s No. 45 car still lacks a full-time primary sponsor.

“I think Petty Enterprises is not in an impossible situation, but a hard situation,” Kyle Petty said in April. “You’re trying to stay a part of the sport and catch up to the sport.

“We’re talking to investors. We’re losing sponsors. We’re trying to find sponsors. We’re trying to get drivers.

“We’re trying to keep drivers. We’ve got so many balls in the air. … I don’t think it’s impossible, but we’ve got to have the right direction and we’ve got to stay in the right direction.”

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