Team officials announced Thursday the merger between Petty Holdings and Gillett Evernham Motorsports (GEM) is in fact official.

The new four-car team will be co-owned by Richard Petty and Petty Holdings - which is made up of Gillett Evernham Motorsports and Boston Ventures and will be run out of GEM's current shop in Statesville, N.C., along with an engine shop in Concord, N.C.

"I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," the seven-time Cup Series champion Richard Petty explained.

Many in the media were quick to put the nail in the Petty Enterprises coffin, but Thursday's announcement proves the Petty name is not going anywhere.

"This was a big decision for us but it's something we really wanted to do. We hope everyone in the sport embraces what (GEM Co-owner) George (Gillett) and I are doing. Nothing is going to change for me. I'm going to be at the track every weekend and really involved with the teams and drivers back at the shop. We are very happy. George and I have a lot of work to do, but we have a plan and we'll be ready for Daytona."

The new combination - which may reportedly be called Richard Petty Motorsports - plans to initially run a fourth car in eight races in 2009, including the Budweiser Shootout in Daytona. Additional races will be determined according to sponsor involvement.

While details of the merger were not released, more information is expected to emerge once the deal is complete. As of now, it appears Reed Sorenson will pilot the famed No. 43 next season, with Kasey Kahne back in the No. 9 and A.J. Allmendinger replacing Elliott Sadler in the No. 19 Dodge.

"This is pretty exciting stuff," team driver Kasey Kahne added. "I've gotten to know Richard over my five years working with Dodge and I look forward to being around him more. This is pretty awesome. The Gilletts have done a fantastic job of putting this together. I think you can see their commitment to winning. We could have kept on the same path, but they made a pretty bold statement that they are here to win."

The owner of the NHL's Montreal Canadiens and the English Premier League's Liverpool Football Club, George Gillett joined the NASCAR ranks in 2007 when he partnered with legendary crew chief Ray Evernham. Now partnering with Richard Petty and the winningest team in NASCAR history (268 Cup Series victories since 1949), Gillett looks to continue that winning tradition and start the next chapter in this team's storied history.

"To join with Richard Petty and Petty Holdings is such an honor for me and my family," said Gillett. "Richard and I have gotten to know each other well over the last few years and both of us believe we have formed something that NASCAR fans will support. We plan to keep the Petty name in the forefront of NASCAR. We ask that all of the King's fans join with us. Our goal is to get the cowboy hat and sunglasses back in victory lane."

While GEM currently includes the Evernham name, team founder Ray Evernham reportedly sold the majority of his interest in the team following the 2008 season. According to Thursday's release, Evernham retained a minority ownership role in the new partnership. On the Petty side of things, Robbie Loomis, Dale Inman and Brian Moffit will remain and have active roles in the new organization.

"A lot has changed over the years in NASCAR but success still boils down to that cat holding the steering wheel and how he conducts himself both in and out of the car," said Petty. "I really want to help these guys with their driving and their careers."

Some may look on this day as a sad occasion or continue to call this the 'death' of Petty Enterprises. Not adapting to the current economic conditions and remaining still in the water would have crippled the Petty organization beyond repair. This merger is not the 'death' of the Petty name, but instead the lifeboat used to continue that tradition for years to come.