Petty to re-sign Labonte, announce merger deal

Petty Enterprises on Wednesday will announce the re-signing of driver Bobby Labonte and that a Massachusetts-based private equity firm has purchased controlling interest in the organization during a press conference at Lowe's Motor Speedway, sources have told NASCAR.COM.

Labonte

Labonte, 44, has been the driver of the team's flagship No. 43 car since 2006. The Petty team also needs a sponsor for Labonte's vehicle, given that current backer General Mills is leaving to sponsor a fourth Sprint Cup entry at Richard Childress Racing for next season.

It was unclear whether a sponsor announcement is part of Wednesday's program. That may hinge on the forthcoming agreement with Boston Ventures, a private equity firm that has been negotiating to buy part of the Petty organization.

In 2003 NASCAR team owner Richard Childress used a similar agreement with another equity firm, New York-based Chartwell Investments, to raise capital that helped him turn his team into one of the sport's best, with all three of his drivers currently ranked in the circuit's top 11 in points.

A Petty Enterprise spokesman declined comment on Tuesday. Boston Ventures' other investments include a Minnesota rural telephone company, Six Flags Entertainment, Motown Records and the parent company of the National Enquirer.

Labonte, the 2000 Cup Series champion with Joe Gibbs Racing, has been a cornerstone of the Petty team's attempt at improving its level of competition. His 18th-place finish in final points last year marked the first time in eight years a Petty driver had finished in the top 20.

Although he hasn't won in the No. 43 car -- no Petty driver has won a Cup race since John Andretti won at Martinsville Speedway in April 1999 -- Labonte has recorded 11 top-10 finishes since joining Petty. Sunday at Pocono Raceway he placed 11th, matching his best result of this season.