Richard Petty Motorsports cut 75 jobs a week before the company was acquired by the racing legend and other investors. The Concord-based team had struggled financially and announced Nov. 22 its plans to field two cars in the NASCAR circuit in 2011, down from four. That same day, the firm notified N.C. regulators of the termination of 75 employees. On Tuesday, Richard Petty Motorsports announced its sale to an investment group comprised of Richard Petty, Medallion Financial Corp. of New York and DGB Investments of San Jose, Calif. The sales price was undisclosed. Andrew Murstein, Medallion Financial president, says the layoffs leave the race operation with about 80 employees. The cuts reflect Petty Motorsports’ financial struggles and had been planned for some time. “I hope to get back to four teams and hire them back,” Murstein adds. Murstein hopes to gear up to three teams in 2012 and reach a fourth “shortly thereafter.”(Charlotte Business Journal)(12-2-2010)
