[Quality88]

Petty Enterprises on Wednesday will announce the re-signing of driver Bobby Labonte and that a Massachusetts-based private equity firm has purchased controlling interest in the organization during a press conference at Lowe's Motor Speedway, sources have told NASCAR.COM.
Labonte, 44, has been the driver of the team's flagship No. 43 car since 2006. The Petty team also needs a sponsor for Labonte's vehicle, given that current backer General Mills is leaving to sponsor a fourth Sprint Cup entry at Richard Childress Racing for next season.
It was unclear whether a sponsor announcement is part of Wednesday's program. That may hinge on the forthcoming agreement with Boston Ventures, a private equity firm that has been negotiating to buy part of the Petty organization.
In 2003 NASCAR team owner Richard Childress used a similar agreement with another equity firm, New York-based Chartwell Investments, to raise capital that helped him turn his team into one of the sport's best, with all three of his drivers currently ranked in the circuit's top 11 in points.

NASCAR.COM - Petty to re-sign Labonte, announce merger deal - Jun 10, 2008

[Bryan88]

Originally Posted by Quality88

Petty Enterprises on Wednesday will announce the re-signing of driver Bobby Labonte and that a Massachusetts-based private equity firm has purchased controlling interest in the organization during a press conference at Lowe's Motor Speedway, sources have told NASCAR.COM.
Labonte, 44, has been the driver of the team's flagship No. 43 car since 2006. The Petty team also needs a sponsor for Labonte's vehicle, given that current backer General Mills is leaving to sponsor a fourth Sprint Cup entry at Richard Childress Racing for next season.
It was unclear whether a sponsor announcement is part of Wednesday's program. That may hinge on the forthcoming agreement with Boston Ventures, a private equity firm that has been negotiating to buy part of the Petty organization.
In 2003 NASCAR team owner Richard Childress used a similar agreement with another equity firm, New York-based Chartwell Investments, to raise capital that helped him turn his team into one of the sport's best, with all three of his drivers currently ranked in the circuit's top 11 in points.

NASCAR.COM - Petty to re-sign Labonte, announce merger deal - Jun 10, 2008

Well, Labonte resigning certainly isn't a surprise to anyone. I think it is a mistake on his part and he should have went to RCR (if they wanted him) where he would have been in consistent top level equipment that would allow him to challenge for the chase. Maybe with this investment group Petty will catch up to the game and it will end up being a wise decision, but that obviously remains to be seen.

[Jeffrey4396]

I think to most of the Nascar world this is a horrible decision. Of course this is assuming other teams were persuing him. Also that those teams were of a higher stature. So assuming a team of high stature like RCR wanted BLab then this a huge mistake and set back.

I believe he will not get a chance to honor that 4 year extention because a year from now he will get his release from the team because they cannot make payroll.

Did anyone catch when a reporter asked the new CEO was asked if they can run full time next year without a sponsor. His answer was basically no.

[Bob Tanner]

Originally Posted by Bryan88

Well, Labonte resigning certainly isn't a surprise to anyone. I think it is a mistake on his part and he should have went to RCR (if they wanted him) where he would have been in consistent top level equipment that would allow him to challenge for the chase. Maybe with this investment group Petty will catch up to the game and it will end up being a wise decision, but that obviously remains to be seen.

Maybe Bobby, at this stage of his career, has found out one of life's greatest truths; there is much more to life than being rich and famous. Maybe he realizes that being a major part of an operation which would restore one of NASCAR's greatest teams to a position of prominence has a whole lot more value than another trophy.

Yeah, he's taking a gamble that this Boston Group thing will be the/an answer. But, if it does work I think Bobby will derive a whole lot more satisfaction out of his work with Petty, rather than be just another notch on Childress' gun.

Good for Labonte. I'm proud of him. Loyalty, like Bobby's, is something a lot of these young drivers would do well to take a course in.

[jks812]

Originally Posted by Bryan88

Well, Labonte resigning certainly isn't a surprise to anyone. I think it is a mistake on his part and he should have went to RCR (if they wanted him) where he would have been in consistent top level equipment that would allow him to challenge for the chase.

As long as Bobby is happy with his decision, thats what matters. Maybe if he was offered a job at RCR there was something about the deal that he didn't like. After all we don't know what anybody offered him. Maybe to him what Petty offered was best for him and what he wanted.

[Bryan88]

Originally Posted by Bob Tanner

Maybe Bobby, at this stage of his career, has found out one of life's greatest truths; there is much more to life than being rich and famous. Maybe he realizes that being a major part of an operation which would restore one of NASCAR's greatest teams to a position of prominence has a whole lot more value than another trophy.

Yeah, he's taking a gamble that this Boston Group thing will be the/an answer. But, if it does work I think Bobby will derive a whole lot more satisfaction out of his work with Petty, rather than be just another notch on Childress' gun.

Good for Labonte. I'm proud of him. Loyalty, like Bobby's, is something a lot of these young drivers would do well to take a course in.

Unfortunately there is no such thing as loyalty anymore, and that is a very sad thing. But don't pretend that the blame lays solely with the young drivers, there isn't a whole bunch of loyalty on the teams part either. That is the way it is in sports and for that matter society now days, the old "what are you doing for me now" line. He should have put himself in the best position to be successful and PE is not that place.

[Labontefan15]

Great Now he can focus racing and not have to worry about contracts

[BiscuitMan]

Originally Posted by Bryan88

Unfortunately there is no such thing as loyalty anymore, and that is a very sad thing. But don't pretend that the blame lays solely with the young drivers, there isn't a whole bunch of loyalty on the teams part either. That is the way it is in sports and for that matter society now days, the old "what are you doing for me now" line. He should have put himself in the best position to be successful and PE is not that place.

If Bobby Labonte didn't use "loyalty" to make his decision, then he surely saw some real financial benefit in the four-year extension and possible position at Petty Enterprises after he retires from being an active driver.

Now, maybe Petty Enterprises will be able to get the technical expertise to put Bobby in the winner's circle.

[Bob Tanner]

Originally Posted by Bryan88

Unfortunately there is no such thing as loyalty anymore, and that is a very sad thing. But don't pretend that the blame lays solely with the young drivers, there isn't a whole bunch of loyalty on the teams part either. That is the way it is in sports and for that matter society now days, the old "what are you doing for me now" line. He should have put himself in the best position to be successful and PE is not that place.

Petty proved that there isn't much employers loyalty when they unceremoniously dump John Andretti. However, I would like to think (naive I know) that Bobby put himself above that and this current generation's "me first" philosophy and signed because he knew it was just "the right thing to do," and not just beneficial to himself.

[LSC9901]

Originally Posted by Bob Tanner

Petty proved that there isn't much employers loyalty when they unceremoniously dump John Andretti. However, I would like to think (naive I know) that Bobby put himself above that and this current generation's "me first" philosophy and signed because he knew it was just "the right thing to do," and not just beneficial to himself.

It would appear that the heat has taken its toll on your thought process Bob.

[Bob Tanner]

Originally Posted by LSC9901

"Originally Posted by Bob Tanner
Petty proved that there isn't much employers loyalty when they unceremoniously dump John Andretti. However, I would like to think (naive I know) that Bobby put himself above that and this current generation's "me first" philosophy and signed because he knew it was just "the right thing to do," and not just beneficial to himself."

It would appear that the heat has taken its toll on your thought process Bob.

I would sincerely hope not. If I ever give you the feeling that I have come to believe that life is all about money, fame, glory and all the other things which turn good people into card-carrying narcissus, please come down and put me out of the miserable existence I have entered into. Such a shallow way to think. <sigh>

[Bryan88]

Originally Posted by Bob Tanner

I would sincerely hope not. If I ever give you the feeling that I have come to believe that life is all about money, fame, glory and all the other things which turn good people into card-carrying narcissus, please come down and put me out of the miserable existence I have entered into. Such a shallow way to think. <sigh>

I wasn't talking about money or fame or anything like that with regards to Labonte, I was just saying he should have put himself in a position where he could be the best driver that he could be. If he did resign with PE because he felt a sense of loyalty then that is great, but I personally feel there were better situations for him as a driver.