Pettys make first step on way back to prominence

CONCORD, N.C. -- When Richard Petty, Maurice Petty and Dale Inman walked into the Chicago office of Andy Granatelli on a snowy afternoon in 1972, they weren't convinced the head of STP wanted to do business with them.

They soon discovered otherwise, when Granatelli offered to give Petty Enterprises $250,000 in sponsorship money for the famous No. 43 car Richard drove at the time.

"It was like manna falling from the sky," said Petty, who added that despite being a winning NASCAR operation at the time, the money was desperately needed.

The money came with some additional unsolicited advice from the brash Granatelli.

"Stick with me," he told Richard, "and some day you'll be as famous as I am."

Eventually Richard Petty became a more household name than Andy Granatelli, and Petty Enterprises basically outgrew STP. Along the way, other world events in racing led to the once-proud Petty operation being reduced to a shell of its former self as far as relevancy on what is now called the Sprint Cup Series.

That may have begun changing Wednesday when it was announced that Boston Ventures, a private equity firm founded in 1983 that boasts of having pumped some $2.5 billion into more than 70 companies, was entering into a partnership with Petty Enterprises.

"They're making a huge investment in Petty Enterprises to help move us forward," said Kyle Petty, Richard's son.

For an organization that still heads the top of the history lists with 10 Cup championships and 268 race victories -- despite having failed to claim a single victory since 1999 -- the influx of cash is like pure oxygen to the body when previously only a trickle of air was flowing through a ventilator. The King's company is being taken off life support.

More to it

There is more to Petty Enterprises than the race teams that are fielded each Sunday at the Sprint Cup level, and everything was put in play to attract Boston Ventures, the investment firm that also has put up the capital to back such companies as Motown Records; Billboard Communications (of Billboard magazine fame); American Media, Inc. (of National Enquirer, ahem, infamy); and Six Flags amusement parks.

Boston Ventures plans to bring the Richard Petty Driving Experience, heretofore run as a separate company, under the same umbrella as the race operation and the new Petty Safe Driving schools for high-risk drivers aged 16 to 25. The investment firm clearly sees great potential for growing Petty Enterprises through the arms of the operation that flail freely -- and profitably -- from the racing body that so desperately required immediate medical attention.

But make no mistake. This "partnership" is mostly about positioning Petty Enterprises to produce better results on the track. Andy Davis, managing director of Boston Ventures, said as much Wednesday. (Continued)