Report: Petty/GEM merger off, Sorenson cut to partial schedule
5 Comments Quote selected text Published December 16th, 2008 in NASCAR NewsSirius Speedway has learned that the much-discussed merger between Gillett Evernham Motorsports and Petty Enterprises has run aground. Anonymous sources say that GEM laid off approximately 50 employees today, and that its Nationwide Series team will either be eliminated or cut back dramatically. In addition, multiple sources say that GEM’s #10 Sprint Cup team and driver Reed Sorenson will also run only a partial schedule.
While not commenting on the reported demise of the Petty deal, Gillett Evernham Motorsports CEO Tom Reddin confirmed today that major changes are underway. “We are a Sprint Cup team first and foremost, and winning in that series needs to be our primary focus,” he said. “The Nationwide Series is a fantastic series and we certainly look forward to racing a partial schedule in 2009, but we will not run the full season next year. We will remained focused on putting all of our effort behind the Cup program in 2009. GEM is very fortunate to have nearly all of our Cup sponsors returning in 2009 in addition to the new arrival of others.”
Reddin said that GEM will also restructure its engine department for 2009, to align with a reduced number of engine leasing customers next season.
This is unbelievable!
What Happens to Petty Enterprises Now ??
I respect the petty name even though Ive never been a petty fan in the 30 years ive followed nascar,but I think its the end for petty racing now its sad but I think its over.
petty/DEI – 2 of the best drivers ever…with 2 of the worst teams currently, very sad
Ok what killed Petty was selling out. When Kyle was running the company both teams had sponsors and things were improving. In comes big money out goes Kyle and the sponsors. This situation cant be attributed to the economy. Petty’s biggest asset was their people and when take them away you have nothing left except some old equipment a few cars and a rented building.