Petty Enterprises close to deal with investor, will make race team a public company
Quote selected text Published April 1st, 2008 in NASCAR News
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.
- Petty Enterprises looking at investment partner
- The King talks about potential deal with GEM
- Petty expects Labonte back in 2009-UPDATE
- Bobby Labonte undecided about 2009 plans
- Wells Fargo to continue sponsorship of Kyle Petty’s #45 in 2007
Now you have to find a sponsor too, King. But 2 sponsors over 36 years ain’t bad. You’ll find another. I hope you choose the right investor. Then me, Fisha, G.Thompson, Sam and HR Todd can buy some of your stock.
I’d buy it in a heart beat. And I think there are a lot of Cup teams out there that would buy shares of PE just for respect for what the Petty name means to the sport.
I hope to be first in line to buy the very first share sold. Anything to help PE grow and get back on top again.
I would love to invest in stock of Petty Enterprises, when ever they decide to start sellin is when ill start buyin!!
Medallion Financial stock was at $9.22 a share yesterday, up 56 cents from the previous day’s trading.
ISC = Friday NASDAQ Official Close Price: $42.54
SMI = Friday NYSE Official Close Price: $25.82
I think its a bit weird that there is that much of a difference in the price per share of the two biggest track ownership groups in the world.
Oh and I forgot to add that ISC was up $0.09 and SMI was down $0.16 from the opening price on Friday.