"King" Richard Petty announced today a partnership with Boston Ventures and the formation of a “new” Petty Enterprises. The history making announcement came in a news conference Wednesday morning which was held at the Lowe’s Motor Speedway in Concord, North Carolina.

Petty’s decision to partner with a group outside of motorsports follows similar steps taken by Evernham Motorsports and Roush Racing.

“It just shows you how big NASCAR's gotten,” Petty said. “You have outside people wanting to be involved and we're very fortunate to be able to hook up with an investment firm that lets us do our part of the business and they provide the money. That's where Boston Ventures comes in and we feel like this is an influx in the growing part of Petty Enterprises and the Richard Petty Driving Experience. It's a big step for us and we feel it’s a big, big step for racing.”

Boston Ventures, with offices in New York and Boston, Massachusetts, is a leading middle market private equity firm that invests in the entertainment, media, information and publishing, and communications sectors. MoTown, Six Flags theme parks and the National Enquirer are among Boston Ventures current holdings. Their association with Petty Enterprises marks their first motorsports venture.

“This investment is consistent with Boston Ventures’ strategy of investing in highly recognizable media and entertainment franchises and partnering with families who are looking to transition their company to the next level. We look forward to working with the entire Petty team to help bring the #43 and #45 cars back to Victory Lane where they belong and to invest in and grow the Richard Petty Driving Experience which has tremendous potential,” said Andrew C. Davis, Managing Director of Boston Ventures.

NASCAR CEO Brian France was one of several dignitaries who attended the news conference. “You can rest assured, we at NASCAR are excited for the Petty family,” France said. “We would like nothing better than to see Petty Enterprises reach the level they have been trying to get to for the past four or five years.”

Petty Enterprises was established in 1949 by family patriarch, Lee Petty, and has gone on to become the winningest motorsports organization in NASCAR history.

“I think more than anything it is an emotional step for me.” Richard Petty commented. “I was at the first race that was run down here in Charlotte. Everything has changed so much, as time progressed it has gotten away from a family business standpoint. We’ve been talking about this for two of three years and we really liked Boston Ventures approach. They are going to be part of the Petty family.”

Making one final point clear to those in attendance Richard Petty said, “I will be involved in the day to day business at Petty Enterprises, and will still be here doing my thing.”