Petty Enterprises close to deal with investor, will make...

Petty Enterprises close to deal with investor, will make race team a public company

Since it first was reported by Yahoo! Sports earlier this month, additional details have emerged on what could be a ground-breaking deal for Petty to enter into a partnership that will secure his family-owned business’ future in NASCAR. Sources close to both parties have told Yahoo! Sports that Petty is in the final stages of negotiations with a group called Medallion Financial, based in New York City. Although hesitant to acknowledge details of the pending negotiations at this time, The King himself has acknowledged he’s confident a deal with a new partner could be finalized within the next 90 days. Negotiations have been taking place for months between Petty and New York financial entrepreneur Andrew Murstein, the president of Medallion Financial. Although Medallion Financial specializes in niche financing, its primary business comes from the financing of taxicab medallions, which is where it gets its name. The company also provides business loans. Murstein’s plan calls for Petty Enterprises to be established as a public company, which would sell shares of stock and seek to grow the Petty brand. That’s not the current model for ownership in NASCAR. Teams generally are privately owned, although some are structured to integrate with one or more of the team owners’ businesses. Going public also means the team will be opening its books to public scrutiny, thus revealing the wherewithal of a NASCAR Sprint Cup team. Yahoo Sports

Date: April / 1 / 2008
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