Petty and GEM agree merger deal

The deal was agreed in principle on Thursday, and will be completed by the end of January. The new team will operate from GEM's premises, and will run three Dodges for the full season, with a fourth car appearing in at least eight events.

Seven-times NASCAR champion Richard Petty's team have competed since 1949, winning a record 268 races and ten Cup championships, but their fortunes have waned in recent years and their last victory came in 1999.

Petty said that the merger was the best way forward for the team in the current economic climate.

"I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," he said.

"This was a big decision for us but it's something we really wanted to do. We hope everyone in the sport embraces what (GEM co-owner) George (Gillett) and I are doing.

"Nothing is going to change for me. I'm going to be at the track every weekend and really involved with the teams and drivers back at the shop. We are very happy. George and I have a lot of work to do, but we have a plan and we'll be ready for Daytona."

The merged team will be co-owned by Petty, the Boston Ventures investment company that bought into his team last year, and GEM.

Gillett emphasised that Petty - one of the most famous figures in NASCAR history - would still have a major role in the organisation.

"Both of us believe we have formed something that NASCAR fans will support," said Gillett. "We plan to keep the Petty name in the forefront of NASCAR. We ask that all of the King's fans join with us. Our goal is to get the cowboy hat and sunglasses back in victory lane."

GEM's lead driver Kasey Kahne also welcomed the deal.

"This is pretty awesome," he said. "The Gilletts have done a fantastic job of putting this together. I think you can see their commitment to winning.

"We could have kept on the same path, but they made a pretty bold statement that they are here to win."