George Gillett Jr., majority owner of Richard Petty Motorsports [#9,19,43,44], said he hopes to form a stock-car league in Saudi Arabia as part of a contractual agreement he signed this week with Saudi Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Royal Family. But Gillett emphasized that he is not selling the team. He said he hopes to finalize a merger with Yates Racing soon, and that RPM will race Fords in 2010. Gillett felt the need to address many issues about RPM after some reports this week falsely stated Gillett’s new deal with the Saudi prince would lead to the prince’s sports management team taking over RPM. “I came back from Europe into a maelstrom of massively inaccurate stories,” Gillett said Saturday at Kansas Speedway. “So I thought we could correct it and move forward. As part of out conversations [with the Saudis], it became clear we should have aligned interest. We discussed if they had an interest in buying a small interest in RPM. A majority? Heck no. It was a very early conversation, but it was completely distorted. I come here today as a man with a clear conscious and potentially a very attractive partner. If he becomes a small investor [in RPM] I can’t imagine it would be anything but positive for the sport. That’s the story.” Gillett said he and the Saudis are in the talks to form some type of stock-car league overseas Gillett said the merged RPM/Yates operation will be at least a three-car team and hopefully four cars. He would not confirm who if those four drivers would be Kasey Kahne, A.J. Allmendinger, Elliott Sadler and Paul Menard, which was reported earlier.(ESPN)(10-3-2009)
UPDATE: The Yates transaction is on track, said Gillett, whose RPM organization fields cars for A.J. Allmendinger, Kasey Kahne, Elliott Sadler and Reed Sorenson in the Sprint Cup Series. Were going now from letter of intent to a full contract.(Racin’ Today)(10-4-2009)
