Equity Firm Takes Over Petty Enterprises

The wave of outside investors continues to wash over NASCAR.

A private equity firm has taken over Petty Enterprises. Although Richard Petty says he'll still have a large day-to-day role with the team his family has run since 1949, Boston Ventures now maintains control of the 60-year-old operation and the Richard Petty Driving Experience.

The Petty organization has been stuck in neutral for close to two decades, falling far behind the success it achieved when "The King" won seven championships and 200 victories.

Boston Ventures has its work cut out in turning Petty Enterprises around.

Although the team has 268 career victories, 200 were by Richard Petty, who won his last race in 1984 and retired as a driver in 1992.

Petty Enterprises' last victory came with John Andretti in 1999.

The new partnership has allowed the organization to re-sign Bobby Labonte. The former series champion inked a four-year contract extension to continue driving the famed Number-43 Dodge.