In what could turn out to be one of the oddest pairings in the history of American stock car racing, Richard Petty Motorsports’ primary shareholder George Gillett Tuesday signed an ‘exclusive commercial collaboration’ agreement for his stake in the team to Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Royal Family. The agreement signed Tuesday forms a partnership that will see the development of a NASCAR racing circuit and Richard Petty racing schools in the Saudi Kingdom and elsewhere in the Middle East. “The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal,” said Gillett after the signing. According to many however, the agreement signed Tuesday is the first step to Gillett selling his stake in the team. As the two were publicly confirming the agreement, behind the scenes, Gillett and Prince Faisal acting on behalf of the Saudi sports investment group F6 he chairs, have begun a process of ‘due diligence’, the examination of financial records, with the goal being that Gillett would be bought out by the end of the year. The primary deal in the works actually centers on British football club Liverpool that Gillett owns a 50% stake in, but the deal would also include Richard Petty Motorsports. The Prince was at Anfield Stadium in England on Saturday as a guest Gillett, who confirmed that he has secured funding from the Saudi prince for his NASCAR team and an agreement to build Liverpool-branded football academies in the Middle East. The entire deal is reportedly worth up to $560 million.(NASCAR Examiner)
UPDATE Foster Gillett has confirmed there are no major ownership changes contemplated at Richard Petty Motorsports. The Gilletts are the majority owners of Richard Petty Motorsports and plan on being so for a long time.(RPM)(9-29-2009)
UPDATE2: Richard Petty Motorsports co-owner Richard Petty said he didn’t know much about the business relationship formed between RPM majority owner George Gillett and Saudi Prince Faisal bin Fahad bin Abdullah Al Saud to explore commercial opportunities with Gillett and his soccer and motorsports properties. “That’s one of George’s deals,” Petty said. “You’ll have to talk him on that. That’s purely his deal. He’d been meeting with these guys for a pretty good while about his [English] football team.”(SceneDaily)(10-1-2009)
