Petty announce new investor

The struggling Sprint Cup Series squad will get a new business structure that will see Boston Venture's Managing Director Barry Baker take over as Chairman of Petty Enterprises while Richard Petty will remain as Chairman Emeritus and will continue to be actively involved in the team.

Andrew C. Davis, Managing Director of Boston Ventures, will also serve on the newly-formed Petty Enterprises Board of Directors, while David Zucker has been named Chief Executive Officer.

"The time has come for Petty Enterprises to take the steps necessary to get back to Victory Lane," said Petty. "This is something I have taken a great deal of time to think about and I'm comfortable with the decision I have made and to have Boston Ventures as my partner in Petty Enterprises.

"Boston Ventures will provide us with the capital necessary to compete for wins and championships. Over the years, many of their investments have been partnerships with family-owned companies. In each of those cases, Boston Ventures has stayed true to the family mission, while improving the overall well-being of the company."

Petty's son Kyle, who continues to drive for the team, says the investment coming from Boston Ventures will help guarantee their future. This is the first time that the family-owned business has partnered with an outside firm.

"There is no doubt this is an emotional decision for our family, for my dad, my mother, for me, for my sisters, for the grandkids, for all of us," Kyle Petty said. "We have labored over this decision for a long time, but it's absolutely the right decision.

"And not just for our family but also for the 152 families that depend on Petty Enterprises.

"My grandfather founded Petty Enterprises in 1949 and over the years we have won a ton of races and 10 championships, but most importantly created livelihoods for many families and the investment by Boston Ventures will secure the future of Petty Enterprises for many generations."

Boston Ventures is one of the leading private equity firms in the United States, which focuses on middle-market media, information and publishing, entertainment, and communications investment opportunities. The deal also includes Petty's Driving Experience business.