All Four Petty Cars

PettyBlue said:
are on the entry list for 'Dega. We'll see...
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A little more on this.....

Richard Petty Motorsports will field all four of its cars at Talladega Superspeedway this weekend, a team spokesman confirmed Wednesday afternoon. The team's presence at the Amp Energy Juice 500 this weekend was in question as employees were told last week that their jobs weren't guaranteed through the end of the year and that last week's race at Martinsville might be their last. Team co-owner Richard Petty, whom the SportsBusiness Journal said owns just 4 percent of the team, is working to take over control of the organization from George Gillett, according to sources familiar with the situation. Gillett, who had taken a $90 million loan to purchase the team from Ray Evernham in 2007 and then merged the organization with Petty Enterprises and Yates Racing in the last two years, has a majority ownership in the organization. Ray Evernham and Boston Ventures also have a minority interest.
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What a mess this is. Hopefully something good will come out of this for these employees so that they can feel a little more stable about the future.
 
dpkimmel2001 said:
A little more on this.....



What a mess this is. Hopefully something good will come out of this for these employees so that they can feel a little more stable about the future.
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I can see Ray and Richard joining forces here, maybe that is a big wish list type thing, but I think it would work. Ray has some $$, and a hell of a lot of clout, might work. Richard has the name, go back to Mopar, and the world will once again be right!:D
 
Mopardh9 said:
I can see Ray and Richard joining forces here, maybe that is a big wish list type thing, but I think it would work. Ray has some $$, and a hell of a lot of clout, might work. Richard has the name, go back to Mopar, and the world will once again be right!:D
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I had always thought that Ray has been pretty vocal about getting out of that situation. He's a weekly guest on SNR's Sirius Speedway with Dave Moody. I'd sure like to see him more involved in the sport than sitting behind some desk on a Sunday afternoon. That's a waste of talent.
 
Gillett, who had taken a $90 million loan to purchase the team from Ray Evernham in 2007 and then merged the organization with Petty Enterprises and Yates Racing in the last two years, has a majority ownership in the organization.
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sniff, sniff, is that a bankruptcy smell? might be a firesale at rpm before long.
 
SlowNeasy said:
sniff, sniff, is that a bankruptcy smell? might be a firesale at rpm before long.
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Not much left to sell. A few haulers and a few buildings. Nothing much is done in-house anymore. Fab machines and the like are long gone. They're done to pretty much taking the purchased engine and placing it into the purchased car. :(
 
Here's a very detailed rundown on their situation there @ RPM.....

The Latest On Richard Petty Motorsports

Yesterday’s move by majority owner George Gillett to shore-up the finances at Richard Petty Motorsports has apparently not convinced Petty himself to abandon a bid to purchase majority control of the operation. Gillett’s Booth Creek Resort Properties LLC sold its stock in the companies that operate the Northstar-at-Tahoe Ski Resort to Vail Resorts yesterday for $63 million, with that money expected to go directly toward the operation of Richard Petty Motorsports for the remainder of the season.

Gillett purchased a controlling interest in the team from Ray Evernham in August of 2007, but reportedly defaulted on the $90 million loan last February. He reportedly refused an offer by lender Wachovia Bank to buy out the loan for $35 million last summer, but has been unable to restructure the debt. Multiple sources with knowledge of the situation tell Sirius Speedway today that between Evernham, Wachovia and Roush, Gillett’s total RPM debt approaches $97 million.

Gillett had hoped to use assets from the sale of his Liverpool English Premier League soccer club to operate RPM and pay some of those racing debts, but the sale was approved by the league for $476 million; much less than Gillett had hoped for.

Sports Business Journal is reporting that RPM has hired the Gordian Group, a New York-based investment bank, to search for additional financing. Wachovia Bank has enlisted FTI Consulting to seek additional investors, as well. Petty enjoys a strong relationship with Wells Fargo Bank – parent company of Wachovia – which sponsored Kyle Petty’s entries at Petty Enterprises, and while Wachovia has declined to comment on the story, informed observers wonder if Petty might be able to assemble the financing necessary to purchase the note and complete a defacto hostile takeover of the team that bears his name.

Gillett does not own Richard Petty Motorsports. Wachovia Bank owns RPM, and has since Gillett defaulted on the $90 million loan last spring. In fact, Gillett could soon be facing the same ssenario he encountered earlier this month with his Liverpool Soccer Club. By defaulting on his bank notes, he placed both Liverpool and RPM into the hands of the banks. Once that occurs, the lending institutions have five options:

1) Refinance Gillett’s loan. In both cases, the banks have been unwilling to do so.

2) Allow Gillett to soldier on with RPM in hope that he makes periodic payments on the note.

3) Foreclose on the note and seize control of the team. This is not a realistic option, since investment bankers know nothing about running soccer or race teams.

4) Foreclose on the note, shut down the team and sell off its assets. Those assets consist of a few race cars and engines, three or four buildings – though not the team’s current shop, which is rented -- transporters and three airplanes. There is virtually no machinery left from what was once Petty Enterprises and Evernham Motorsports, since the team buys its cars and engines from Roush Fenway Racing.

5) Sell the note to someone else and recoup a percentage of the loan. Royal Bank of Scotland sold the Liverpool Soccer Club to New England Sports Ventures against Gillett’s wishes, for an amount less than what was owed. Wachovia could do the same, if someone comes forward with an acceptable offer. Like he did in Liverpool, George Gillett could find himself forced out of RPM against his wishes.

Sources say that Wachovia Bank would likely sell what’s left of Richard Petty Motorsports to someone -- say Petty himself -- for approximately $5 million. Another $10 million would get the team to Daytona for SpeedWeek 2011, so in effect, Richard Petty Motorsports could be wrenched from Gillett's grasp; lock, stock and barrel for approximately $15M. Gillett would walk away debt free.

There is one final angle to this story. Multiple sources tell Sirius Speedway that Petty met with representatives from Toyota and Michael Waltrip Racing earlier this week. It is unclear what the topic of those meetings was. Petty may have been hoping to secure financial assistance from Toyota for a buyout of RPM. Some have speculated that he was interested in severing his relationship with RPM and starting fresh under the Toyota banner in 2011. My sources tell me that those discussions are likely going nowhere.
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15 MIL???????? Are you kiddin me? :(

Maybe we need to start taking up a collection. :growl:
 
Verey interesting, I still think he goes back to Dodge, call it a hunch , but that would give Dodge 4 more teams. Assuming that there would be funding for them come Speedweeks 2011. Get Ray on board as either a crew chief or part owner or both! Yeh know wishfull thinking , but man that would be cool.
 
Mopardh9 said:
Verey interesting, I still think he goes back to Dodge, call it a hunch , but that would give Dodge 4 more teams. Assuming that there would be funding for them come Speedweeks 2011. Get Ray on board as either a crew chief or part owner or both! Yeh know wishfull thinking , but man that would be cool.
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He's in talks with MWR and Toyota... I think Dodges days are numbered
 
Even with the New Challenger on board in NWS? I think Dodge will make a run again in Cup.
 
sloggie said:
Dodge is a Foreign automaker and their focus is going to be bring rebranded Fiats to America, not NASCAR.
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Dodge is not a foreign automaker, WTF? Yeh so they are owned by Fiat, big deal....the Challenger is a car the American public identifys with, it has character, it doesn't look like every other car on the road. Same goes for the new Mustang. People want to see those type of cars racing head to head, it will stir up more interest in the sport.
 
Budweiser not making final payment to RPM? Sirius NASCAR Radio's Sirius Speedway with Dave Moody has learned that Budweiser has told Richard Petty Motorsports that the team will not receive the final installment of its 2010 sponsorship contract. Bud's contract called for Kasey Kahne to be the driver of the Budweiser Ford, and when Kahne left the team five races early to join Red Bull Racing, that contract became null and void. There has been no confirmation from either the team or Budweiser, and no word on what the final installment of that sponsorship would have been worth to the team.
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Doesn't look good.....
 
PettyBlue said:
Another reason not to drink their pisswater.
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Why? Because RPM didn't hold to their side of the contract?

I'm not a Budweiser fan myself but in this case, without having all the data, it sounds like they are justified in not paying the final payment.
 
zevious said:
Why? Because RPM didn't hold to their side of the contract?

I'm not a Budweiser fan myself but in this case, without having all the data, it sounds like they are justified in not paying the final payment.
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What Budweiser doesn't pay should be docked from Kasey Kahne's pay. HE walked out on RPM.

And if Budweiser doesn't pay RPM, their logo shouldn't appear on the car.
 
I don't think Bud is justified in not paying RPM. To me Kasey is the one that voided the contract when he wouldn't get back in the car. Bud should pay RPM and then get the money back from Kasey.
 
JustMe said:
I don't think Bud is justified in not paying RPM. To me Kasey is the one that voided the contract when he wouldn't get back in the car. Bud should pay RPM and then get the money back from Kasey.
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Then wouldn't that be up to RPM to sue KK?
 
but wasn't kk's and rpm's parting mutual? possibly even kk fired? i don't see this being kk's fault. he left yes, but didn't refuse to drive the bud car at rpm the rest of the year.
 
SlowNeasy said:
but wasn't kk's and rpm's parting mutual? possibly even kk fired? i don't see this being kk's fault. he left yes, but didn't refuse to drive the bud car at rpm the rest of the year.
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I say the same thing I said about Kyle when he done it. When they refuse to get back in the car after it's been fixed that to me is them breaking the contract. The contract is to drive a car and when you refuse you're not holding up your end of the contract.
 
JustMe said:
I say the same thing I said about Kyle when he done it. When they refuse to get back in the car after it's been fixed that to me is them breaking the contract. The contract is to drive a car and when you refuse you're not holding up your end of the contract.
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Well , we really need to see his contract before we make assumptions
 
It was a use of leverage by Kasey, by not getting back in the car he was essentially saying he wanted to drive for Red Bull the rest of the year. There is, I'm sure, a lot more information behind the scenes that the general public is not privy too. While I do not condone what Kasey did, I do get why he did it. No driver wants to drive for a team that is in such disaray as RPM is, Kasey probably figured he would just get a head start on next season, can't say as I blame him.
 
Kasey was RELEASED...thats RPM's fault not Kasey they shouldn't get Buds money.
 
For those wondering, the 4 RPM cars earned a total of $410,437.

Bowyer earned $226,450 for winning & last-place Jeff Fuller got $70,456 for two laps.
 
kkfan91 said:
Kasey was RELEASED...thats RPM's fault not Kasey they shouldn't get Buds money.
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Of course he was released...it makes no sense to keep a driver who refuses to drive a car and THAT is the fault of only one person.
 
Mopardh9 said:
And who would that be, are you privy to info we aren't?
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Of course I'm not and I certainly don't require privileged information to see it's the fault of the one who refused to drive the car.

I've never read his contract but suspect there may be a clause in there somewhere about driving being a requirement.
 
#17D500winner said:
Of course I'm not and I certainly don't require privileged information to see it's the fault of the one who refused to drive the car.

I've never read his contract but suspect there may be a clause in there somewhere about driving being a requirement.
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I doubt experimental brake fluid was either. Nice to see the 83 out preform the 9 each week since then either way.
 
kkfan91 said:
Nice to see the 83 out preform the 9 each week since then either way.
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But didn't the 9 finish 20th at Talladega and the 83 finished 26th? That don't sound like the 83 out performed the 9. :confused:
 
JustMe said:
But didn't the 9 finish 20th at Talladega and the 83 finished 26th? That don't sound like the 83 out performed the 9. :confused:
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Kasey was caught in that thing at the end he ran up front most of the day.
 
Lap 5 -- LEAD CHANGE: We are now three-wide and Kasey Kahne leads from the outside. Jeff Fuller has taken the No. 97 to the garage.

Lap 77 -- Kasey Kahne leads the lead pack as it is currently single-file and catching David Reutimann and Kyle Busch

Lap 117 -- LEAD CHANGE: Aric Almirola leads the outside line and the race. Jimmie Johnson the first car on the inside lane.
point out that was during green flag stops

Not to mention Kasey started further forward and ran in the top 10 all day.
 
#17D500winner said:
Of course I'm not and I certainly don't require privileged information to see it's the fault of the one who refused to drive the car.

I've never read his contract but suspect there may be a clause in there somewhere about driving being a requirement.
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Again you are assuming, you don't know the whole story, could be Kasey had a ligitimate gripe with the parts issue, we will never know and all we can do is speculate. One thing is for certain though, the RPM people certainly ran a poorly organized program this year. They were competitive at times, still are some what , but if they really wanted Kasey to run the rest of the season with them, they would of kept him happy.
 
kkfan91 said:
Lap 5 -- LEAD CHANGE: We are now three-wide and Kasey Kahne leads from the outside. Jeff Fuller has taken the No. 97 to the garage.

Lap 77 -- Kasey Kahne leads the lead pack as it is currently single-file and catching David Reutimann and Kyle Busch

Lap 117 -- LEAD CHANGE: Aric Almirola leads the outside line and the race. Jimmie Johnson the first car on the inside lane.
point out that was during green flag stops

Not to mention Kasey started further forward and ran in the top 10 all day.
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You're right, Kasey lead 3 laps and Aric lead 2. :p
 
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