Petty Enterprises’ yearlong search to find an investment partner seems to be in the final stages, with an announcement tentatively planned for next week to announce a deal with a private equity firm. Boston Ventures is expected to take over a controlling interest in the company, which has fallen behind NASCAR’s top organizations and needs a boost to become competitive. Richard Petty declined to discuss the deal Saturday. “We’re not even going there,” he said. Robbie Loomis, vice president of racing operations, said Petty Enterprises is an attractive partner to any potential investors. “The Petty brand is such a clean brand and stands for so much, and we want to take it to the next level with the right company,” Loomis said. Boston Ventures has invested six funds totaling $2.6 billion in capital commitments in its 22-year history. Some of Boston Ventures previous portfolio companies include American Media Inc., Motown Records, Six Flags Entertainment and Continental Cablevision.(ESPN/AP)(6-8-2008) UPDATE: not sure if this is a press conference for the investor, but Petty Enterprises will host a news conference on Wednesday, June 11, 2008 at 11:00am/et at Lowe’s Motor Speedway Media Center with Richard Petty, Bobby Labonte, Kyle Petty and others attending. Hearing that Labonte’s new deal with Petty could be announced and possibly a new sponsor.(6-9-2008) UPDATE 2: The future of Petty Enterprises will become clearer on Wednesday. NASCAR’s most famed organization has called a news conference for 11am/et Wednesday at Lowe’s Motor Speedway. Among the expected topics are a partnership with Boston Ventures Management and the re-signing of Bobby Labonte.(ESPN.com) UPDATE 2a: On Wednesday, Petty Enterprises will announce that Boston Ventures, a private equity firm, has acquired controlling interest in the 60-year-old racing operation which has produced 10 NASCAR champions but struggled to remain competitive the last two decades. Richard Petty will remain involved at a high level, but David Zucker, 45, will assume the role of CEO according to David Hovis, a spokesman for Petty Enterprises. Hovis also said it will also be announced that veteran driver Bobby Labonte has agreed to a four-year extension. Labonte will continue to drive for what is expected to remain a two-car Cup team for 2009. Until March, Zucker had been CEO of Midway Games, a Chicago-based producer of video games. In 2002, Zucker was named president and CEO of Playboy Enterprises. From 1988-1999 he was with the Walt Disney Corp., becoming executive vice president at ESPN. He also served as director of ESPN International, overseeing international operations. Petty said the initial deal is to run two cars but indicated he’d like to have a third Cup team running full time by 2010. Sponsorship, however, remains an issue. The team is losing its primary sponsor of the Labonte’s #43 car. General Mills, to Richard Childress Racing next year. Hovis said a fourth component of the deal will be announced at a Wednesday press conference.(USA Today)(6-10-2008) Petty Investor to be announced soon” target=”_new”>
