Done deal

Earlier today, Petty Enterprises announced a deal with investment company Boston Ventures that has the company taking in a investment with the organization. There will also be some management changes at Petty Enterprises as Barry Baker will become chairmen of the team replacing Richard Petty and David Zucker will replace Kyle Petty as CEO of the team.

“David is the perfect choice to be the new Petty Enterprises CEO,” Richard Petty said. “He’s done great things, and he’s been very innovative at some prominent companies in this country. But, more importantly, he knows racing. He worked at ESPN for eight years and helped them get back into the sport. That part was important to us. Petty Enterprises builds race cars. That’s what we do. So we felt like we needed to bring someone in that can relate to the core of our business and expand what we currently do for our sponsors."

Petty Enterprises also announced that they reached a deal with driver Bobby Labonte. Labonte will be behind the wheel of the 43 car through 2012. The team still searches for sponsorship in 2009, though.

Hopefully these changes will get this team back in gear and have them heading to a place in which they haven't seen in almost a decade, victory lane.

The 'new Petty Enterprises' is unveiled, with new investor, CEO (Scenedaily.com)

What does the future hold for Petty enterprises?

Petty Enterprises still have a few things to work out for thier team in 2009. The first is on whether or not Bobby Labonte will be driving the 43 car for 2009. When Kyle Petty was asked by a fan on Sunday's Sprint Cup telecast on TNT about Labonte's future he gave this response: "This year Bobby Labonte drives the 43 car, which is obviously a teammate to the 45 car. I think Bobby Labonte will end up in the 43 car (next year). We feel very confident in where we've been and where we're going (with Bobby this year) and some of the things that Bobby has helped us do...Bobby is an integral part of Petty Enterprises, what Petty Enterprises is and where Petty Enterprises is going."

Of course no matter how much it has been said about Labonte most likely staying with the team, Labonte still hasn't renewed his contract with the team yet. Leaving people to wonder if Labonte has other ideas.

The 43 team also needs sponsorship for next year as General Mills will leave the team at the end of the year to sponsor a fourth team at Richard Childress Racing. Rumors quite a while ago had Caterpillar coming over to team to replace General Mills, but those rumors have since quieted down.

Petty Enterprises has also been looking for some help from an investor, rumors have it that Boston Ventures, which have own Six Flags theme parks, Motown Records and Cablevision in the past, may be interested in putting money into the team.

The Petty’s are having a press conference on Wenseday and the new deal with Labonte or the new investor may be announced.

New Venture (ESPN.com)

Bobby Labonte still taking his time on re-signing with Petty

Former Sprint Cup Champion Bobby Labonte is taking his time when it comes to who he is driving for in 2009. Labonte beleives that he will have an answer to his racing future in the next two or three weeks. “We’re trying to get things squared away at Pettys, like I’ve always said,” Labonte said. “But obviously we have to get that done. In a couple of weeks, three weeks maybe, we’ll have a lot more answers. … Right now, I’m pretty much at ease.… It’s just a matter of things happening that’s going to take place, whether you like it or not. I’m about to the point if it happens, it happens and if it doesn’t, you do something different. I’m not worried about that as much as the talk about it from the outside trying to make sure that the guys that come to work, that they don’t read the paper and say, ‘What’s going to happen?’ Nothing is done yet – nothing that can be [said] because of the implications [on] people,”

Hopefully this have these talks resolved soon because to be honest folks this may be the best of what Labonte can get.

Labonte nearing decision on future (Scenedaily.com)