Richard Petty has joined with two investors to take control of Richard Petty Motorsports. (HHP/Alan Marler Photo)
CONCORD, N.C. — Despite financial challenges, which plagued Richard Petty Motorsports during the final portion of the NASCAR Sprint Cup Series season, the team will survive thanks to two new investors — Medallion Financial Corp. and DGB Investments.
Petty, who was more of a figurehead than anything else in the previous incarnation of the team, is expected to be actively involved in day-to-day operations for the team, which will field the No. 43 for A.J. Allmendinger and the No. 9 for Marcos Ambrose.
“[This] is a great day for me, my family, our fans and our wonderful sponsors,” said Petty in a team statement. “[They] have supported me through thick and thin and I thank them from the bottom of my heart.”
Medallion Financial, operated by Andrew Murstein, who will be the majority owner in the team, has invested more than $3 billion in companies since its 1996 IPO. Murstein’s grandfather founded the company in 1937 by purchasing taxi licenses [medallions] for $10. Today, the same medallions sell for $800,000 each.
Murstein owns or leases more medallions than any other New York City company. DGB Investments is the investment vehicle of Canadian Douglas C. Bergeron. The company was founded in 2001.
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