i know Petty isn't what it used to be and they are probably considered a 3rd level team now.

they just sold CONTROLLING interest to Marry Gallagher. there will be a official press conference on Dec 7.

https://currently.att.yahoo.com/spo...-to-gallagher-motorsports-222627005.html

Kinda sad in a way, but it's realistic in a business sense:

Richard's 84, and only 1 Petty relative IIRC is racing.
The charters Petty holds are worth millions.
The Petty organization hasn't won a race since I think 2014, being underfunded and whatever else.
Gallagher has been successful in Trucks, has $$$, and wants to step up.

So, it's also a success story, viewed through the right lens.

What are "charters"?

"There are 36 charters available in NASCAR's Cup Series and a charter ensures that a team car has a guaranteed entry into every Cup Series race. Charter teams also get a bigger share of prize money than non-charter teams."

From the linked article.

Also sounds like Petty's ownership stake in it is fairly small as he has sold his shares over the years.

, IMO for Richard, it wasn't all about the money.

One of the Top 5 colossal screw-ups that had lead to the loss of interest in the sport. But perhaps that's just my opinion.

As for the ownership change, last I heard ichard only owned 5% of Petty Motorsports, and that goes back many years. He still enjoys being involved to a small degree, and being at the track, events, etc. Kyle has said he thinks his Dad would have passed by now if not for his continued involvement in racing. The reports I have read say majority interest for GMS, not complete ownership. So Richard may have maintained his small stake. I don't know. Brian Moffitt who is current CEO of Petty Motorsports is family, IIRC. No word on his future that I have seen.

i really don't know squat about who owns how much.
but the way i read the article Richard P sold MAJORITY ownership in Petty Enterprises . to me MAJORITY ownership is 50.000001% of the company.
the article states that petty has sold off portions in the past and merged with other teams but still had MAJORITY ownership until he sold it off. he still has some ownership, but probably not much, after the sale.

i guess we will find out when they have their press conference.

Sad to see, but not surprising.

Adam was the heir apparent for the Petty operation.

When he passed away in that wreck years ago, I think that made this inevitable--a little surprised it took this long.

I believe Adam had what it took to compete at the top level of NASCAR, gone way to early. IMO Richard should've retired years ago, he turned into a media [censored].

Cars are spec with different stickers.. Engines come from the same place, but are essentially the same. Basically guys racing wallets.

And people complain about Pro Stock...

Petty hasn't had majority ownership since 2009 when they merged with Gillette Evernham. After that deal tanked, Petty partnered with Medallion Financial and bought in for a 1/3 stake.

Medallion just sold thier majority interest to Gallagher for $19.1 million.

Kevin

Thanks Kevin. That's what I thought, although I didn't think he owned as much as a third of PM. Good to know.